Darren

Ive just seen an advertisement on this forum from Provident Personal Financial or something similiar offering loans at an APR of 183%.

Surely this type of product offering is in not in the interest of many people of this on-line community, and presumably the monitors will see to it vanishing.

It is very difficult to see how this type of service is in anyones interest - anyone tempted really needs some other form of help - not a loan. For example, a crack addict needs medical help not a debt problem to add to the other problems the addiction is creating.

Mushroom

Darren,

There are a lot of people out there with monetary problems just now and whilst the APR is mind boggling, that is still their choice at the end of the day and they don't all need to be addicted to crack to be in debt.

As this forum can be accessed by anyone, I would say that it may not be the choice of the majority of members (but then who can say?) but can be read by others who are just 'passing by'

If the advert is legal, you may not like it's morals, but the timing isn't bad just now !!

Darren

I concede advertising brings a product to those who need it and moralising about whetehr they should want it or not is misplaced....

But 183% is excessive= any property owner can obtain Turkish mortgage at 7%, and poor credit risks can generaly obtain unsecured loans at 30%-40%...so 183% is just another example of preying on the vulnerable which usually leads to an inescaple destiny of more of the same... something similiar happens to young children when theyre first offered drugs by their local dealer.

In any case merely mentioning the matter on this thread is kicking up some alternatives to 183% in the form of alternative advertisements in the margin to the left....

irishmatelot

I'm sorry I have to agree with darren. I think that sites that are supporting peoples dreams and giving sound advice should think twice about advertising money lenders that could create a huge amount of debt for people.
TLF cannot police the behaviour of its members but in my opinion it should not put temptation in peoples way. People who want extortionate loans will easily find them on other sites...

greensman01

...........its a better rate than the banks, even in Turkey, are offering. Anyone want a loan at half those rates????

Mushroom

If advertising a loan, however extortionate, is to be banned from this or any other similar forum, where do you draw the line ?

Is there a certain amount that becomes the yardstick of whether the advert can be put up, or is it the APR or term of the loan, or would you rather just ban all loans of any description, thereby probably reducing the income from advertising on this forum.

I read the advert last night and whilst I did the large intake of breath at the APR, it read to me that all was above board in the actual advert. It gave the terms ,the APR and an example of a typical loan.

Legally I am sure it complied with all requirements, morally is a different matter, but then again, it is the choice of the individual based on the information given, as to whether they wish to take up this type of finance deal.

If adverts are to be banned because subjectively WE don't like them, I would disagree. It is the freedom of choice situation.

Perhaps what to us is not our choice, may well suit someone else and after all No-one makes you take the loan, it is often the circumstances that dictate and there is little I can do or wish to do to alter other people's circumstances when it comes to debt and debt management.

rosehillgirl

Hi All,

I think 183% interest is obscene-I feel that rates like this should be illegal.

I worked for this company many years ago-they are are very big company and sadly many poor people still rely heavily on the 'Provvy' person coming every Friday.

Interestingly, the company, when I worked there, was heavily involved with the Salvation Army-most of the very top men (and they were all men) where involved with the SA. My manager played the trumpet in the SA band every Sunday-that is, until he ran off with the entire weeks takings.

I can't speak for the organisation these days, but years ago it was expected that you got new customers' hooked' into debt, then they could never escape and were forced to pay these extortionate interest rates.

Ann