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The Govt introduced Usury Laws to prosecute
Anyone charging exhorbirant interest rates.
Aimed at Back Street money lenders originally
Charging 100 % or 200 % or in odd cases 300 % !!!
Yes , really, 300 % !!!
Now we have at approx APR's =
Wonga 4,500 % !!!! And many other Loan Companies
At APR rates of 278%, 1500 %, 2500% , 3,600 , etc..
So WHY are these companies NOT being prosecuted under
The Usury Laws ?????
IT STINKS !!!!!!!!
Anyone charging exhorbirant interest rates.
Aimed at Back Street money lenders originally
Charging 100 % or 200 % or in odd cases 300 % !!!
Yes , really, 300 % !!!
Now we have at approx APR's =
Wonga 4,500 % !!!! And many other Loan Companies
At APR rates of 278%, 1500 %, 2500% , 3,600 , etc..
So WHY are these companies NOT being prosecuted under
The Usury Laws ?????
IT STINKS !!!!!!!!
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Replies: 6
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Are you serious?
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You had to borrow some ££.... Scirrors?
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No . I just think their interest rates are an absolute
Abomination !! Why are they not prosecuted ?? |
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They are not in the same scale as the backstreet moneylenders that's why.
The backstreet guys 20%/300% equates to tens of thousands APR. Still obscene btw. |
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......because.....at the moment......
...those that pull the strings seem to have convinced both themselves.....and the vast majority of others...... ....that the moral obligation and responsibility for debt seems to lie with the borrower.....rather than the lender...... ...when it is quite apparent that the moral obligation is shared...or at least should be..... .....2008...... Sub prime mortgages....you lent to people on food stamps...gave them mortgages....don't worry..they are feckless layabouts after all....we will bail you out......the taxpayer can foot the bill ...2008.....you bought said debt that was rehypothecated by US banks and sold onto to you.....don't worry..you weren't to know...we will bail you out....the taxpayer can foot the bill....... 2010....you lent to Greece knowing their economy couldn't be competitive in the eurozone and one of you own produced fraudulent figures for them to gain entry.........don't worry......the European taxpayers will bail you out......The feckless Greeks will be blamed.....don't worry...... 2015.......Greece...,as above...... ..payday lenders....you lent to someone on minimum or below wage which said wage isn't enough to live on.......and didn't have enough despite working all week........and you charged exorbitant interest rates that they wouldn't understand anyway.............don't worry...it's not your fault you lent to them knowing all this............. ......we won't make a fuss......why should you carry the can for lending to desperate people who don't understand how the financial system works......... .....the mantra of today's political and financial elite......... Lenders rule.....borrowers are fools. ....article open to syndication...... ...contact Renge.....c/o bet forum.... Yep |
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APR is a pointless measure to assess short term loans for relatively small sums to high risk people thats why. It would be impossible to lend on any APR that would look credible to people that dont understand it.
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