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Friday, 26 July 2013


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"the interest on these short-term loans is stratospheric - well it has to be because the lender knows that a high proportion of his customers will default on their loans." Bah! The loans are very short term. The cost of setting up a loan is much the same irrespective of the term. So even if the underlying interest rate were as modest (!) as that on credit card debt, by the time you add on the recovery of the cost, the annualised interest rate looks stratospheric. So it's not really to do with default rates. I don't know the default rates on these loans but I wouldn't be surprised if they were pretty small, since the debtors probably want to keep open the option of borrowing again in future.

By the way, your spelling is going to hell. Rush, rush, rush Mr Duff, eh?

I should keep out of the money-lending business, if I were you, DM, because if you think the default rates are "pretty small" amongst the sort of people who use payday loans I think you might be in for a nasty and expensive shock. Also, don't underestimate the cost of recovery when physical items such as cars/furniture/houses or whatever are offered by way of security. Instantly m'learned friends are involved and we know what they charge and it makes loan sharks look generous.

But you're right, my spelling is bad not because I was in a rush but probably because I failed to enjoy that 'rarefied stratosphere of Oxbridge'! Sod it, I'm going to have to go back to typing this nonsense on 'Word' before pasting it here. Mea culpa!

I hadn't realised that they used m'learned friends, I'd vaguely assumed they used large friends who failed to live up to the stereotype of "gentle giant".

David. I did get a tenner Provi Check once just for the novilty and paid back ten quid two and a tanner. Other than that people should live within their means. Listen tae the wireless and Jeremy Vine! forget the flat screen and all the drivel.

Wouldn't it be nice if the Arch Druid stuck to his day job? He could set up a fund to send Christan missionaries into Bradford and other Muslim hellholes.

DM, these loans are not like Jimmy's ten quid, sometimes they are fairly hefty and with some of these companies listing on the stock market the use of muscle to enforce is not good PR!

As one would expect of an ex-RAF type, spot on target, BOE!

I'd invest in Wonga. How much are the shares?

There is a Wonga Beach about an hour's drive north of Cairns.
I've never been there but I am told it is grouse.

"it is grouse"???

Mr Hancock is my MP, and my good lady had the honour of being personally canvassed by him at an election a few years ago.

Her impression was that he's just out of short trousers, and has never run a business of any consequence in his life.

If I may say so, Mrs. Nerd is obviously a lady of great taste and discernment which, apart from allowing her to judge Mr. Hancock with exactitude, also allowed her the wisdom to marry you, Mr. Nerd. Oh, and welcome to D&N by the way.

Grouse (adj.) : great, terrific, very good
Australian dictionary

You mean if I called you 'a grouse dame' you'd be pleased?!

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