Payday loans investigated by Channel 4 News

Reckless lending and aggressive debt collection: that’s the charge levelled by the Office of Fair Trading against dozens of payday loan companies. It says most of the 50 firms it inspected failed to meet acceptable standards. .


27 thoughts on “Payday loans investigated by Channel 4 News

  1. American government at least capped the interest on these kinds of loans, as did every other country in Western Europe, except the UK. The present government has allowed pay day loan companies to charge 4000% on loans like these, and on numbers of occasions loans of a few hundred pound have spiralled into several thousands, causing some people to commit suicide or at least driven into despair and hopelessness.

  2. Don’t blame the people borrowing! They are dumbed down, brainwashed and not very intelligent, but that is not their fault. Blame the pure fucking evil system we are forced to live in. Loan companies are pure fucking evil.

  3. I totally agree with one of the people here, that the vast majority who use such places, should not be able to get any loans.

    There should be protections against people falling to such predator companies, exploiting people who should not be able to get loans, and essentially making there situation worse.

  4. you British people should take as many payday loans as possible because in a few months your country will become Islamic and with sharia laws in place all these usery high interest loans will be forgiven because of two things 1 being islam forbids charging interest 2 all jewish owned businesses will be destroyed and Ofcourse made illegal because the Quran forbids doing business with the jews

  5. I don't know what is worse. The companies taking advantage of clients for exorbitant interest rates or the clients who are dumb enough to take these loans. you are better off applying for a credit card and using that to pay your bills instead. That's what I did to help pay off the rest of my car payments until I was able to get a higher paying job.

  6. it's not about taking out a loan & not paying it back Payday loans are illegal in most states & even alot of banks could get into trouble for allowing it to happen. (especially in states where it's illegal). These payday loan companies need to be stopped.

  7. Alerting you to another money scam! If you receive a text message from 646-470-4921 or 239-234-4377 threatening to have you arrested if you don't send money please report to your Attorney General and local officials. Make sure the authorities know of these scammers and fraudsters!! Let's bring these illegal activities to an end now!!

  8. Oh, God, so YOU TAKE out a loan and then you blame THEM for giving it to you ?! People, why don't you use your brains before you do something. They will lend you money always, that's how they make money. YOU have a choice if to take out a loan or not, though.

  9. "Bob" was at the bar drinking in this video, but doesn't want to pay his loan bac lol. Simple person that was irresponsible, then wants to place blame on other people so he doesn't have to pay it back. They knew what they were getting into.

  10. It's in the Pay Day Loan companies best interest to give money to people that can't pay it back within the specified time frame because PDLs then pursue them for more money on more loans taken out. If everyone paid back all the loans as soon as possible there would be less revenue coming back to the lenders. This is why there are no or few background credit checks on lenders.  Pay Day Loan companies are loan sharks under a different name and should be avoided at all costs.

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