Business opportunity.

[scottyr]

Paydayloans, wonga etc....

We're talking scummy companies feeding on the elderly, chavs and people unfortunate to be out of work (or people fortunate to work from home). After all, their adverts are generally screened during daytime TV....

Wonga have a ridiculous interest rate, something like 4250%, Paydayloans undercut this significantly.

I propose a new lender...a kind lender...the lender that loves to say yes, a lender that will offer vastly improved rates over the aforementioned companies.

So....instant cash, up to 1k, over a max period of 6 months.....999% APR....

Instant success :-D

[scottyr]

Not a case of writing off bad debts...you don't leave yourself that vulnerable...this aint the mid 2000s ya know

Only lend to people with some kinda collateral, judging by the target audience I would be happy if they secured anything of value against the loan. From Mr Spliffy "Eclipse" gear and Doritos 6 packs to blenders and cutlery sets :-).

Got it all sussed. Business plan written already ;-)

[scottyr]

GreigM said:

you do realise pawn brokers already exist?

Don't worry mate, I wouldn't take any of their collection. They have got to get some sort of mild relief.

[scottyr]

T84 said:

The APR is high because it's a short term loan, I'm sick of people going "OMG TEH APR!!!£>€£)".

Lend your mate a tenner, and then next week he gives it you back plus money for a pint, what's the APR on that?

7 days after would be around 2750% lol

[scottyr]

Well, I believe they are one step up the ladder from loan sharks. Which kinda makes them pretty low.

Both target the weak, the vulnerable, the hardup. Only difference is, Wonga et-al will leave you with no food, loan shark leaves you with no legs.

[scottyr]

MMM, no, that makes the banks and business societies prudent. Well, if they operated as they should it would.

The reason we had the whole banking crisis was down to said Banks/Building societies throwing money around like confetti to people who couldn't afford to pay it back.

[scottyr]

Ok.

Sometimes, you just have to give the game away.....

[scottyr]

The Moose said:

I think you'll find that the banks/building societies did what they did because they were pressured by consumers/governments etc to keep loaning more and more money to people less and less able to afford it.

It's very hard to justify a comment like the one above if you have a proper perspective on the matter...

Cheers

The Moose

So explain the situation over the past 3/4 years, where they've been criticised by the government for not lending out enough?!

Also what didn't help is the legislation regarding writing off debts that was thrust into everyones face/ears via the media.

Not saying there weren't other factors involved, but you can't suggest that my statement isn't true.

[scottyr]

Partly, but also from an economic POV.

[scottyr]

:-S.

I only put this in general gassing as a bit of light entertainment. It got moved here and things have taken a more serious turn.

Time to back down and close the thread I think lol.

[scottyr]

It wasn't supposed to be in the financial section, it was just a bit of fun in the general gassing and it was moved.

Does it really look like a serious initial post?