Money lenders

JD Green

Good evening,
Today in work a colleague said that she may have to go to a money lender because she needs cash til payday next week. Another colleague warned her against it as he said a friend of his got in trouble with one before, he wouldn't say what but he's genuine enough so I'd believe him about it being bad.

This got me thinking, what exactly do money lenders do to get their cash back? Is it really like the sopranos where they kick the **** out of them in the middle of the street? Please enlighten me.

Thanks

Edit: it actually is a work colleague and not me.

Halloran springs

JD Green wrote: »

Good evening,
Today in work a colleague said that she may have to go to a money lender because she needs cash til payday next week. Another colleague warned her against it as he said a friend of his got in trouble with one before, he wouldn't say what but he's genuine enough so I'd believe him about it being bad.

This got me thinking, what exactly do money lenders do to get their cash back? Is it really like the sopranos where they kick the **** out of them in the middle of the street? Please enlighten me.

Thanks

How much you need?

Edit sorry I mean how much does your "colleague" need ?

admiralofthefleet

avoid at all costs. seriously

JD Green

Halloran springs wrote: »

How much you need?

Edit sorry I mean how much does your "colleague" need ?

I forgot to add that it genuinely isn't me.

Halloran springs

JD Green wrote: »

I forgot to add that it genuinely isn't me.

How much does she need?

JD Green

admiralofthefleet wrote: »

avoid at all costs. seriously

Would you mind expanding on that?

Halloran springs wrote: »

How much does she need?

€500

Aint Eazy Being Cheezy

There's one well known company, let's call them P. Perfectly legit and above board, just horrendously expensive.

However if you don't pay them back they pass on the debt to another far less legit, above board company, who will harass and threaten you to get the money.

dagdha

Something like this will happen:

https://www.youtube.com/watch?v=ZomwVcGt0LE

cruais

Avoid like the plaque my friend!

B.A._Baracus

They are scum, op. Utter scum. Alot have popped up in recent times.
Of course, they are never "seen" doing anything (threats, "warnings" etc) So the gardai have a hard time proving.


Heard a few horror stories of people paying money back for ages after they got the "loan" ... Tell your colleague to steer clear. You don't want to get involved with such scum.

cruais

cruais wrote: »

Avoid like the plaque my friend!

Switch to Colgate maybe?

Capt'n Midnight

they must have something they can sell or pawn

adverts.ie / buy and sell

credit union ?

bank loan / overdraft

even borrowing from a credit card is better than those companies

here the rates for LEGAL moneylenders can be up to 180% APR - in the UK rates of 2,400% APR are not unheard of.



http://www.citizensinformation.ie/en/money_and_tax/personal_finance/loans_and_credit/moneylending_in_ireland.html

also www.mabs.ie

Yakult

Known of one only and he was sound in terms of payments. But yeah, would try to avoid at all costs. Not worth it when theirs better options out there possibly.

Boombastic

JD Green wrote: »

Would you mind expanding on that?



€500

She needs €500 to tie her over until next week - she needs to readjust her spending...or has she got a secret habit ? (gambling, drugs?)

I just really don't understand someone needing money to tide them over for a week. A week without electricity is better than going near a money-lender. Missing a loan payment and having a mark on your credit rating is better than going near a money-lender. Not eating for a week will be healthier than the effects of going near a money-lender.

fasttalkerchat

Bank overdraft is the way to go. Get the maximum they can give you then apply online to extend it. I have £500 overdraft and I'm a student. If your friend opens a few accounts they should be able to get the £500 together.

666irishguy

Depends on who you are dealing with and the level of formality involved and whether they are any way accountable to the authorities. Regardless of if they are somehow doing it professionally or informally just 'running it on the side' I would avoid getting involved. Where I live there has been a massive problem with so called moneylenders harassing their clients, who are usually unemployed and basically with little to no hope of getting credit any other way, to the point of waiting outside the post-office for them on a Tuesday to essentially shake them down after they get their dole payment etc. I have rarely met anyone who I know that has dealt with a moneylender who hasn't had the odd nasty experience. As for how bad it can get in terms of hassle, I know of one guy who got pushed through a window in broad daylight and another bloke who got a hiding and a humiliation. The characters involved were all less than upstanding citizens and not related to any official money lending organization if such a thing exists. But given the fact that it might not be all that well regulated and would attract all sorts, I would avoid them like the plague.

danger mouse

I know of this one money lender my mate uses. He charges 20 euro on every 50 euro you borrow. My mate told me he makes him pay back 70 euro a week. I don't know how he affords it on social welfare. Scumbags so the are.

Aint Eazy Being Cheezy

Just to give you an idea, if your using the company most people use, I've done a quick search and the rates are:

€30 interest in every €100 if repayable over 26 weeks

€56 interest on every €100 if repayable over 52 weeks

It's up to you how you spread the repayments, but at those rates I wouldn't even consider it.

mikemac1

Friendly fella at your door every week to collect

The first time you miss a payment you'll be getting a thug at your door, the friend of the first guy

Better off going on water and a euro a day on food then going to a money lender
Yep, you can live on a euro a day of food for a week, been there and done it. Tbh, a fast now and again would do you good

OP, your colleague isn't a few weeks from payday, just one week. She can last until then

jar_of_coins

jar_of_coins wrote: »

Just to give you an idea, if your using the company most people use, I've done a quick search and the rates are:

€30 interest in every €100 if repayable over 26 weeks

€56 interest on every €100 if repayable over 52 weeks

It's up to you how you spread the repayments, but at those rates I wouldn't even consider it.

Depends tbh. If you're on low income and have a couple of things go wrong, say a washing machine and fridge go at the same time you're looking at 5-600 quid to replace them, let's say 500. You go to the usual places but their 0% finance requires approval which if you're lucky enough to spoof still requires a direct debit which the banks are being ****ers about lately.
The other option is to go to one of the local places that might allow weekly payment in the shop. I don't know how common such places are but when paying weekly there's no cash discount, the price is higher because they're smaller and they also charge quite high interest rates.

Options are:
1) Hit the place with the high interest rates. Borrow 500 and pay back 25 a week for 6 months after buying from one of the big sellers.
2) Go to the local place, have to pay 600 for the same appliances. In my experience they generally only allow loans of at least a year which even at "only" 10% means paying back 660.

Save a tenner, pay back quicker, pay at your door and not a shop. Sometimes the option that seems poor can work out well since it provides a little capital up front.

Aint Eazy Being Cheezy

@Buttonftw your post makes perfect economic sense, and Im sure many people have followed your reasoning.

I just meant that personally Id take the advice of other posters and try to survive on the bare minimum, go to the CWO, and basically exhaust every alternative option rather than commit to those terms.

JD Green

It turns out the clutch is gone in that womans car and she isn't paid for 2 weeks, don't know where she got the quote of 500 for a clutch but she's a spastic anyway so I don't care.

B.A._Baracus wrote: »

They are scum, op. Utter scum. Alot have popped up in recent times.
Of course, they are never "seen" doing anything (threats, "warnings" etc) So the gardai have a hard time proving.


Heard a few horror stories of people paying money back for ages after they got the "loan" ... Tell your colleague to steer clear. You don't want to get involved with such scum.

Deleted User wrote: »

I just really don't understand someone needing money to tide them over for a week. A week without electricity is better than going near a money-lender. Missing a loan payment and having a mark on your credit rating is better than going near a money-lender. Not eating for a week will be healthier than the effects of going near a money-lender.

Would either of you mind saying what the money lender would do if you didn't pay?

WumBuster

Can she not do without her car for 2 weeks and take buses? Or would the garage man be able to give her 2 weeks grace on the payment? Or could somebody lend her the 500 for the sake of 2 weeks? there must be some alternative than going to a money lender.

Firefox11

Boombastic wrote: »

She needs €500 to tie her over until next week - she needs to readjust her spending...or has she got a secret habit ? (gambling, drugs?)

Yeah...something doesn't add up here. Is she in stubbs gazette or something?

fasttalkerchat

JD Green wrote: »

It turns out the clutch is gone in that womans car and she isn't paid for 2 weeks, don't know where she got the quote of 500 for a clutch but she's a spastic anyway so I don't care.

Certainly wouldn't be €500 anyway. Also some garages will allow 2 weeks for payment if she tells them before-hand.

Gingernuts31

JD Green wrote: »

It turns out the clutch is gone in that womans car and she isn't paid for 2 weeks, don't know where she got the quote of 500 for a clutch but she's a spastic anyway so I don't care.





Would either of you mind saying what the money lender would do if you didn't pay?[/QUOTE]

As was mentioned, threats, constant calling to the door, possibly work place or waiting out side work place for her. They will make her fear for her life bascially if she misses a payment and if she wants to pay back nearly 800 quid for a 500 loan by all means but she would be really stupid to go down the route. As mentioned a bank overdraft or credit union loan or something. Even come to an arrangement with the garage but STAY AWAY FROM MONEY LENDERS.

OnTheCounter

More importantly why are these fcukers basically unregulated, the same with clampers.

There is a huge criminal element preying on vulnerable people.

WoollyRedHat

JD Green wrote: »

Good evening,
Today in work a colleague said that she may have to go to a money lender because she needs cash til payday next week. Another colleague warned her against it as he said a friend of his got in trouble with one before, he wouldn't say what but he's genuine enough so I'd believe him about it being bad.

This got me thinking, what exactly do money lenders do to get their cash back? Is it really like the sopranos where they kick the **** out of them in the middle of the street? Please enlighten me.

Thanks

Edit: it actually is a work colleague and not me.

Has she not got family/ friends that she can go to?

Aint Eazy Being Cheezy

There's no legal way for them to retrieve the money if their an unlicensed moneylender. How far or how low they are willing to stoop depends on the individual involved. I wouldn't like to be the one finding out.

General General

My mate Paulie is always borrowing money off those money lenders... never pays them back either.

Funny thing is, nothing ever happens to him... I think his uncles Enrico & Carmine handle any disputes.

Capt'n Midnight

clutch gone ?

she could borrow someone elses car if her insurance policy covers it ?

she could get a lift off a workmate ?

she could walk into work.
I've heard of someone who used to start hitchhiking into work at 5:30 in the am to make sure he was in on time if he didn't get a lift.

B&B or stay overnight with a friend or colleague that lives closer to work

car rental for two weeks would probably cost less than a money lender

PucaMama

JD Green wrote: »

but she's a spastic anyway so I don't care

[QUOTE=Capt'n Midnight;



she could walk into work.
I've heard of someone who used to start hitchhiking into work at 5:30 in the am to make sure he was in on time if he didn't get a lift.

Was that Bill Cullen???;)

My name is URL

What kind of 'money lender' are people talking about here? The likes of Provident Credit aren't as bad as people sometimes make out. They're approved by the Consumer Credit Association. Haven't used them myself due to the extortionate interest rates, but I know a few people that have dealt with them and they were very pleased with the service. The people you deal with (usually females) will be local to your area afaik, and contrary to popular belief they won't send heavies around if you fall behind with your repayments. Like every other lender; they'll be accommodating to you and your situation unless you're obviously taking the piss over an extended period of time.

It's easy to say that they should be avoided at all costs, but for some people there are very few alternatives available and if they need cash immediately to pay an unexpected bill or whatever then 'money lenders' might seem like the best or only option. People know full well how expensive the loans are from those groups.. it's not as if they're going to be hit with it unexpectedly after taking the loan.

Boombastic wrote: »

She needs €500 to tie her over until next week - she needs to readjust her spending...or has she got a secret habit ? (gambling, drugs?)

That's some fine detective work there, Lou.

smash

Is she hot? would you pay her for a ride?

kulareggae

Iv used provident as i needed a 900 euro loan for a car and some bills, I was charged wait for it 2,200 it took me 2 years to pay off. I am 3 years not using them, that was my last loan. My advice tell your friend ask the garage to pay in two weeks or put down a deposit, but stay away from moneylenders.

uch

Just go singing on Grafton street

Trevor Cortez Zambrano

If I had €1,005,000 I'd give you 5K.

Tin Foil Hat

JD Green wrote: »

Good evening,
Today in work a colleague said that she may have to go to a money lender because she needs cash til payday next week. Another colleague warned her against it as he said a friend of his got in trouble with one before, he wouldn't say what but he's genuine enough so I'd believe him about it being bad.

This got me thinking, what exactly do money lenders do to get their cash back? Is it really like the sopranos where they kick the **** out of them in the middle of the street? Please enlighten me.

Thanks

Edit: it actually is a work colleague and not me.

If someone feels that they need a money lender then they can't afford a money lender.
Keep. Well. Away.

mcmoustache

CITIZENSK72 wrote: »

Really need a loan for Xmas.

No you don't.

Unless Xmas is some kind of investment with a return over time, you shouldn't be taking out loans for it.

Lower your expectations and live within your means. People trying to live lifestyles that they couldn't afford are part(durr durr bankers, politicians etc) of the reason that this country is in the mess that it is.

I'm sorry if I'm coming across a bit harshly but I'm one of those middle-income mugs paying additional taxes for the excesses of reckless feckers who never even bought me a pint.

And to paraphrase Tin Foil Hat's good advice, if you need to borrow money for christmas, you shouldn't be borrowing money.