to think that the government/governing body should do more about these tv adverts?

[Doodleydoo]

I am horrified to have just seen an advert on television, offering a "quick" loan solution to those who are cash strapped with an APR of 2356%. How can any government in a recession allow companies to offer this as a solution to the most vulnerable in society. Surely it is just a "legal" version of loan sharking without having your knee caps done in!

I appreciate that, and totally understand that in this current climate there are going to be many desperate families who will see this as their only option. I also appreciate that they do say it isn't a long term solution but still, but this still seems to me to be appalling.

I don't know, am I naive? Or does anyone else think that this should be more closely monitored? Or maybe someone can change my mind. At the moment to me it sparks of exploitation of those who are in desperate sitiuations.

(BTW I also appreciate that not everyone would be approved for this "scheme" but if its anything like a bank loan or any sort of loan, the more desperate and cash strapped you are the more likely you are to be accepted than if you have a good credit rating!)

any loan is exploitation though, surely? You don't have money, company is there to lend you said money, thus company is exploiting the fact that people cannot wait to buy the things they want..

Fwiw I agree these loans are horrible, but you can't keep legislating for peoples' greed/stupidity.

yes some people do end up in financial difficulty through no fault of their own, but the majority end up in these situations because people in this country have a huge sense of entitlement and feel that they should be able to have the things they want, when they want, whether they have the money to afford it or not.

It's time people started taking personal responsibility. No-one holds a gun to your head and makes you borrow at a horrendous rate of APR, there is always the option of bankrupcy if things are really that bad..

I just saw one of those this lunchtime, and pointed it out to DS (now 16) to make sure he understood things like noticing the huge APR value, and why using that kind of service would be a very bad idea. He knows!

I don't think you can stop people from providing this service, so long as they are being honest about how much you'll have to pay back by when. But hopefully you can educate children and teens about why it would not be a solution to their problems.

Hi Wannabe - I totally agree with what you are saying, I would be the first to agree that we have become a nation of "want it now, have it now" rather than "save up for it and enjoy" which was more the mantra when I was a teenager! However I am not sure that they should be allowed to encourage those idiots to borrow more on tv, because lets face it the more these people get into debt and the more they go bankrupt the more screwed the rest of us become in having to pay them off. That is what irritates me, whilst the whole time there are people making a fortune out lending money - none of which are banks and none of which is going to be seen by the likes of you and I who I am assuming are responsible and don't feel like we must have that gucci handbag because some minor rubbish sleb has one!

Were they the payday loans? Is it that amount if you pay it back within the few weeks it is intended for?

had a look on their t and c's and if you borrow £50 you can expect to pay back between £60 and £65 so between £10-15 per £50. Approx 30%+ but if you had it for a year it would be the equivalent of 2356% of which they will give you a lovely 25% discount (Oh goodie that makes a huge difference!)