Follow @PoliticsIE
 
 
 
Page 1 of 2 12 LastLast
Results 1 to 10 of 20

Thread: Banks stop lending so the money lenders move in.

  1. #1
    Politics.ie Member Digout's Avatar
    Join Date
    Oct 2008
    Location
    at the bar, where the sock puppets are
    Posts
    1,396
    Mentioned
    0 Post(s)

    Default Banks stop lending so the money lenders move in.

    They are doing a piece on this on Radio one at the moment. Pretty shocking stuff. Massive interest rates being charged by some shady organisations. Nice to see all the developers getting bailed out while the citizens get screwed.

  2. #2
    Politics.ie Member
    Join Date
    Jan 2009
    Posts
    318
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Digout View Post
    They are doing a piece on this on Radio one at the moment. Pretty shocking stuff. Massive interest rates being charged by some shady organisations. Nice to see all the developers getting bailed out while the citizens get screwed.
    At least people have some legal recourse, loan sharking/predatory lending is illegal.

  3. #3
    Politics.ie Member seabhcan's Avatar
    Join Date
    Sep 2007
    Posts
    14,309
    Mentioned
    0 Post(s)

    Default

    How soon before the government announces a bailout for the loan sharks?

  4. #4
    Politics.ie Member Digout's Avatar
    Join Date
    Oct 2008
    Location
    at the bar, where the sock puppets are
    Posts
    1,396
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Dios View Post
    At least people have some legal recourse, loan sharking/predatory lending is illegal.
    Here is a "legit" company. Provident Personal Credit - Cash Loans from €100 to €500

    I heard on person being interviewed saying they were charging 30%. Then again, some credit cards are not far off that....

  5. #5
    Politics.ie Member
    Join Date
    Oct 2008
    Posts
    1,285
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Dios View Post
    At least people have some legal recourse, loan sharking/predatory lending is illegal.
    Not much help if a brick comes through your window in the middle of the night.

  6. #6
    Politics.ie Member HarshBuzz's Avatar
    Join Date
    Feb 2008
    Posts
    11,904
    Mentioned
    0 Post(s)

    Default

    I don't know Digout. I agree that the banks are hoarding capital but at the same time it's imperative that this country goes through a tortuous process of deleveraging and to my mind, it's actually a good thing that personal credit is being so heavily restricted (note emphasis on 'personal' - I do believe that business working capital lending is critical). Anyone who turns to underground forms of lending is stupid.

    That means no more loans for shopping sprees in new York, no more holiday loans, no more car loans, no more designer kitchen loans - all of this borrowing was insanity. We need to become a lot more Teutonic in our approach to money.

  7. #7
    Politics.ie Member Digout's Avatar
    Join Date
    Oct 2008
    Location
    at the bar, where the sock puppets are
    Posts
    1,396
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by HarshBuzz View Post
    I don't know Digout. I agree that the banks are hoarding capital but at the same time it's imperative that this country goes through a tortuous process of deleveraging and to my mind, it's actually a good thing that personal credit is being so heavily restricted (note emphasis on 'personal' - I do believe that business working capital lending is critical). Anyone who turns to underground forms of lending is stupid.

    That means no more loans for shopping sprees in new York, no more holiday loans, no more car loans, no more designer kitchen loans - all of this borrowing was insanity. We need to become a lot more Teutonic in our approach to money.
    There should be no silly loans, but for those who do need loans, they should be available.

  8. #8
    Politics.ie Member HarshBuzz's Avatar
    Join Date
    Feb 2008
    Posts
    11,904
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Digout View Post
    There should be no silly loans, but for those who do need loans, they should be available.
    define 'need' though

    I 'need' a holiday in the Bahamas but I can't pay for it!

    I would change this to: "for those who need loans for legitimate purposes and have demonstrated clearly their ability to repay such loans within the context of stress testing and collateralisation, they should be available"

  9. #9
    Politics.ie Member
    Join Date
    Jan 2009
    Posts
    318
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by cactusflower View Post
    Not much help if a brick comes through your window in the middle of the night.
    Ah but then you qualify for assistance from many bulky Guards and the judicial system. Anyway a company or group that was repeatedly intimidating people like that would have a profile built up fairly rapidly before a case was brought against it.

  10. #10
    Politics.ie Member Libero's Avatar
    Join Date
    May 2004
    Location
    Somewhere solvent
    Posts
    3,003
    Mentioned
    0 Post(s)

    Default

    Here's a link to the Financial Regulator's Register of Moneylenders: Downloads
    Just scroll down to Moneylenders and click on the register (pdf file).

    There's quite a few charging an APR of over 150%.

    Digout mentioned Provident Personal Credit and how some person from that lender was saying they charge 30%. I wonder then why they're listed in the register as charging up to 187.22%

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •