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mandrake wrote: I would have thought that NatWest etc offering up to 30 day loans and undercutting Wonga etc would be a sure-fire money magnet for them
Craig Browning wrote:I.D. theft is horrid I've been hit 3 times in the past 20 years and sometimes it seems that there are no genuine safeguards.
Mandrake wrote:As our wunnerful Government is keen to see banks lending more, how come the big banks haven't cottoned on to these short term higher interest loans? I would have thought that NatWest etc offering up to 30 day loans and undercutting Wonga etc would be a sure-fire money magnet for them.
A J Irving wrote:Mandrake wrote:As our wunnerful Government is keen to see banks lending more, how come the big banks haven't cottoned on to these short term higher interest loans? I would have thought that NatWest etc offering up to 30 day loans and undercutting Wonga etc would be a sure-fire money magnet for them.
My suspicion is that the people who get loans from Wonga etc have usually already been turned down for loans by the banks as they don't have good enough credit ratings so they have to resort to getting loans with appalling rates of interest. Whereas the banks would be worried that they'd never see their money again, Wonga have such incredibly high rates of interest that they're willing to gamble that enough of their customers will at least pay off the interest each month to cover any losses they make from people doing a runner. Also, with the high rates of interest, most customers will only be able to pay that off each month and subsequently remain permanently in debt to them- the gift that keeps on giving.
The banks have done some dumb things in the past so I doubt they'd dare doing anything as risky, or at least that could be perceived as exploitative, as that.
I'm no financial expert though so i may very well be wrong.
kevmundo wrote:If you sign up to equifax or experian (the two major credit reference agencies) you can keep track of your credit file. You can also query inaccurate entries and get them removed. They're usually pretty good and it's well worth doing it.
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