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Wonga Ad Banned From TV For Not Showing Cost Of Borrowing

An ad for payday lender Wonga has been banned for breaching regulations by failing to disclose the relevant cost of borrowing. The television ad showed a man anxiously jotting down figures on a napkin before looking at his phone calculator and seeing the amount of £153.79.

An elderly lady than said: “You appear to be in a financial quandary, young fellow. At Wonga you choose exactly how much to borrow and for how long,” and then adding: “You can even pay back early and save money.”

The Citizens Advice Bureau complained that the ad breached regulations by omitting the representative annual percentage rate (RAPR), as it understood that the claim “you can even pay back early and save money” was an incentive likely to trigger the requirement to disclose it.

Wonga accepted that an incentive to apply for credit was a trigger for disclosure of RAPR, but believed the phrase “you can even pay back early and save money” did not fit the criteria. It said the ability to repay a loan before it was due was a standard feature of many products, and that describing that feature in a way that it regarded as brief and factual did not amount to an incentive for the purposes of regulations.

But the Advertising Standards Authority (ASA) noted that the ad said consumers could “save money” with a Wonga loan because they would pay less if they repaid early.

The ASA said: “We acknowledged Wonga’s assertion that this was a factual statement of a feature of their service, but considered that the inclusion of the phrase ‘save money’ was surplus to a purely descriptive statement and offered a discount relative to the headline cost of borrowing a sum for the loan period originally requested.

“We considered that this was an incentive to apply for credit, and that the RAPR should therefore have been disclosed.” It ruled that the ad must not appear again in its current form, adding: “We told Wonga to ensure that future ads that included a comparison or incentive displayed the RAPR.”

Last week Wonga announced it had written off £220 million of debt belonging to 330,000 customers after admitting making loans to people who could not afford to repay them.

Citizens Advice said the ad was one of five payday loan adverts that had been banned after the charity reported them to the ASA. Others were from Peachy, Loan Monarch, Spends4u and Pounds To Pocket – all banned in July.

Citizens Advice chief executive Gillian Guy said: “Payday loan adverts that break the rules should be taken off the air. Adverts must be clear about what taking out a loan means and how much it will cost. The consequences are really serious when payday lending goes wrong. High interest rates and fees can mean that a small loan balloons into a huge debt.

“The ASA is right to take these steps to ban ads that are not up to scratch. With five out of the seven adverts we reported to the ASA now banned, both the advertising and payday loan industries need to look at why so many adverts are not meeting the grade and change their ways. Anyone concerned about the content of a payday advert can report it to Citizens Advice or the ASA directly.”


Labour benefits from £1million donation and loan from cash for peerages millionaire

The effect of Sir David’s request according to the party’s latest accounts means that the value of the residual loan increased from £707,000 to nearly £1.2million.

Sir David initially lent the £2.3 million just weeks before the 2005 general election, to be repaid in 2007. It was secured by Lord Levy, Mr Blair’s personal fundraiser, and helped finance an 11th hour advertising offensive for the campaign.

At the time, Sir David was one of four lenders at the heart of the cash for peerages affair who were nominated for peerages for their service to the party.

Their nominations were blocked by the Lords after details of the loans – which were initially undisclosed – emerged. Sir David later asked for his name to be withdrawn.

Labour’s accounts also included a £1.65million donation from John Mills, the television shopping tycoon in the form of shares in his company JML.

However, Labour decided not to include any value of the 2.5 per cent stake in the accounts because it was in a private company and so difficult to trade in the future.

Labour stressed it would pay any tax that was due on the shares, either when they were sold or on dividend income from the shares.

Overall Labour topped the league for the highest political party income, taking in more than £33 million last year, leaving a “surplus” of £5.46 million.

The party last year paid corporation tax of just £14,000, despite declaring in its accounts that an “expected” tax at a rate of 20 per cent would have been £1.096 million.

However, after taking into account non-taxable income of £6.65 million and expenses not deductable for tax purposes of £5.57 million, the bill fell to £14,000.

A Labour spokesman said: “Corporation tax is paid on taxable profits. We have not made any taxable profits because we are a not-for-profit organisation.

The Conservatives’ accounts show that it paid £187,000 in tax, after an income of £25.3 million and a “surplus” of £2.03 million.

The Tories’ accounts show party is debt-free for the first time in nearly two decades.

The party’s 2013 report and accounts show that the party paid off £4.4million in loans since the beginning of 2013 and the end of last month.

It said: “This means that for the first time since 1995 we do not have any outstanding external debt beyond constituency association loans.”

The Liberal Democrats brought in £7.3million income and spent £6.8 million.


There are many different companies that furnish fast payday loans

If you are you need to use this form of system, look into the agency prior to taking from the loan product. Ensure that some other clients are usually thrilled. Doing a standard on the net searches, and reading personal loans for people with bad credit testimonials of an loan provider.

For anybody who is researching a quick words, cash advance loan, you should not obtain any more than you will need to. Payday cash advances could only be used to enable you to get by inside a pinch and not simply be used for extra funds with your pocket sized. The loan rates are so superior to use anymore than you truly need to have.

Stay away from plummeting right snare with online payday loans. Theoretically, you are going to pay for the mortgage way back in 1 or 2 many days, then deal with it with your own your life. The truth is, but bear in mind, nearly all people do not want to settle the loan, therefore the steadiness may keep moving up to their after that salary, accumulating sizeable amounts of enthusiasm within the process. In this situation, several people wind up in the task just where he or she can in no way afford to get rid of the loan.

Look into other solutions, before you take the plunge and choosing a payday advance. The interest levels for payday loans are considerable and for people who have far better methods, test them initial. Find out if all your family members will financial loan you the resources. Alternatively, get a time-honored mortgage provider. Cash advance loans really should be described as last resort.

Make sure you have enough money for to pay for it returning within just one to two days by taking out a payday cash loan. Payday cash advances really need to be being used only in problems, should you absolutely do not have other alternatives. After you acquire a pay day loan, and are not able to salary it ago right away, two things manifest. To begin with, you have to compensation a service charge to retain re-stretching out your loan until you can pay it off. 2nd, you keep purchasing billed more and more passion.

Fully understand that one can be charged fund penalty charges that may equate to essentially one half desire, despite the fact payday cash loans will be helpful in an emergency. This large interest rate is likely to make paying back these financial products extremely hard. The funds are going to be deducted straight from your paycheck and often will pressure you best into the cash advance loan company for even more your money.

Name the obligation business, and lodge a complaint, if you find all by yourself stuck with a cash advance loan that you choose and are not able to repay. Most people have authentic issues, in regards to considerable cost billed to increase payday loans for an additional repay interval. Most creditors will present you with a reduction against your personal loan premiums or focus, though you don’t get once you don’t try to ask — so make sure to you can ask!

A vital hint for those seeking fast cash advances will never be to lie onto your program. Being untruthful upon system might be alluring to obtain financing sanctioned or else a much better loan amount, yet it is, infraud and certainty, and you can now be charged criminally because of it.

Check into many of the charges that come with cash loans. Doing this you understand how a great deal you can be certainly spending money on to borrow moolah. There are thousands of interest rates guidelines to safeguard potential customers. Payday advance establishments get around these by, charging you a lot of “costs.” This may put in significantly to the money necessary for credit some money. This might guide you determine whether or not the bank loan is utterly required.

Remember to have no other products available, prior to taking out that payday cash loan. Payday cash loans may cost you a lot in fees, so virtually any substitute is actually a more favorable program for your specific entire financial situation. Look to your even, relatives and buddies your banking institution and credit score union to see if there are actually almost every other possibilities possible choices you can also make.

Look into your methods. So long as you invest time to analyze some exclusive loans vs fast cash advances, you could find there presently exists some loan companies that, will in reality offer you with a far better premium for cash advance loans. All this depends upon your credit track record, and the amount of money you want to use. Review is likely to save you a substantial amount of bucks.

There exists express legal guidelines, and guidelines that especially take care of payday cash loans. Normally these organizations found ways to deliver the results out there them by law. Usually do not imagine that you may be able to get out of it without paying it off 100 % if you get a payday loan.

Think about simply how much you genuinely want the revenue you are interested in borrowing. Input it off of if it is whatever could hold on till you have the cash to purchase. You will likely know that online payday loans are certainly not a low cost option to get hold of a significant Television set for the hockey sport. Decrease your credit with these loan companies to emergency instances.

Expenses that happen to be bound to payday loans include many types of fees. You must study the attraction degree, fees prices and whenever there is dealing with and request charges. These expenses varies amongst unique loan providers, so you should definitely look into a variety of loan providers before signing any agreements.

Be aware of the fees and penalties for later part of the payouts. Naturally, whenever you admit the obligation, you will have just about every single aim of giving in a timely manner, but elements may occur. It is important to review the fine print regarding your bank loan commitment to figure out what are the service fees will probably be when you find yourself later part of the. For cash advance loans, the penalties can be be extremely huge.

However are not available in your neighborhood, discover the nearest level series, if you want to buy a payday loan. Often times, you can actually go across into additional condition which is where fast payday loans are legitimate, and uncover a bridge personal loan there. This every now and then just means only one holiday, simply because they in electronic format regain their finances.


Payday loans, TV and Class | Left Futures

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When was the last time that you saw someone take out a payday loan on a television programme? When did you last see a show in which someone in full time work was struggling to pay the bills? I feel there is a discrepancy between the portrayal of poverty on our televisions and that which is experienced in Britain today.

The Office of Fair Trading believes as much as £1.8 billion a year is lent in the UK by payday lenders and the Public Accounts Committee state that two million Britons currently use payday loans. Ofcom reported that in 2008, 17,000 payday loan advertisement spots were shown on television and this increased to 243,000 in 2011 and 397,000 by 2012. These resulted in 12 million impacts from adult views in 2008, 4.2 billion by 2011 and 7.5 billion impacts by 2012, with each adult watching on average 152 television payday loan adverts in 2012.

Given the high number of advertisements in between and during television programmes, it seems unusual that payday loans are so infrequently used by the documentary subjects and fictional characters on our television screens.

When Channel 4 announces that it is making a documentary series about a poor street in Britain, I do not expect a realistic view of the struggle facing millions of Britons. The cynically and provocatively named “Benefits Street” is hugely emotive and not much more than exploitative “poverty porn”, designed to enrage the public, much like a pantomime villain.

What is so frustrating for me is that these “poverty porn” documentaries make poverty look so unusual, as if there is a hidden underclass of which we are all unaware. Contradictory to this depiction, the Office of Fair Trading found a typical payday loan user was more likely to be a young male, living in rented accommodation, earning greater than £1,000 a month and without children. There seems here to be a huge discrepancy between the portrayal of poverty on Benefits Street and that which is experienced by the two million Britons needing to take payday loans.

Where are the documentaries and dramas showing the poverty in homes in which someone works? The New Policy Institute showed that more than half of the 13 million Britons living in poverty in 2011/12, lived in a household in which someone worked and that the number of people in low-paid jobs has risen, with five million people paid below the living wage. I do not see this on television, I see Katie Hopkins raising an eyebrow and blaming people for their individual circumstances.

I read a story relating to research presented at a British Sociological Association’s annual conference highlighting that in interviews of 77 people working in television and film production, 64 were middle-class and that openings within the industry were rarely advertised but tended to rely on the grapevine and family ties.

Owen Jones in his Royal Television Society, Huw Wheldon Memorial Lecture, links the socioeconomic background of television producers with the recent wave of “poverty porn” documentaries, highlighting that in a YouGov poll conducted at the Edinburgh International Television Festival, 70% of attendees believed Little Britain’s Vicky Pollard, to be an accurate representation of “white working-class” youth.

I agree with Owen Jones and feel that programmes like Benefits Street are the middle class perspectives of producers and editors regarding something that they have no experience of and do not understand. I feel that because the film and television industry have no understanding of suffering related to everyday poverty, reoccurring themes in film and television are anxiety based on how others see us, friendships or relationships and the resulting battle for psychological survival against stress and emotional exhaustion.

At a time in which we face so many problems economically and politically, I feel it is hugely important that voters can make informed decisions at the polling booth. We need accurate, first-hand experiences of poverty on our television screens, from television producers who have actually experienced it. We have adverts for payday loans but what we need are the stories of those who found themselves needing to use them.


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Related posts:

  1. Payday loans: not a black and white issue (in reply to Chris Dillow)
  2. Asking the right questions about the payday lending industry
  3. Consumer credit market winners: payday lenders


Payday Loans: How Payday Loans Online Work | Short Term Loans

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Payday Loans: How Payday Loans Online Work

Payday Loans: How Payday Loans Online Work

With so many people choosing to take out payday loans when they need fast money, one might wonder what these loans are, exactly, and how they work. You see advertisements for payday loans on TV, on the Internet and even hear them on the radio. But many people seem to be a bit confused about these types of personal loans. To help clear things up we have put together some helpful information about payday loans and how they work.
Payday Loans – Short Term Loans Bad Credit Issues
One of the first things that must be discussed about payday loans is how they work for people with bad credit. If you try to take out a conventional bank loan, and you have less than perfect credit, you probably won’t get the loan you need. Big banks and lending companies simply refuse to loan money to people with bad credit these days. However, you’ll find that the majority of payday lenders simply do not care about your credit history.
So Bad Credit Loans aren’t really a Bad Thing, right?
With the fact that payday lenders don’t use your credit as the basis for approving your loans, you could definitely say that payday loans for bad credit borrowers are a good thing. We all run into those situations where we need money. Since the conventional lenders don’t want to give money to you if your credit score is not all that great, it is really nice to know that you still have lending options to choose from. Our network of top payday loans lenders are ready and willing to lend money to people – regardless of their credit history.
Personal Loans Made Easy with Payday Loans
Unlike going to a local cash loans location or bank, getting payday loans online is pretty easy. You start off by simply going to our secure, online loan application. Once you submit your loan application, we match your request up with the best lenders to suit your needs. You’ll receive an email notification when your payday loans request is approved, and then you’ll agree to the loan terms your lender provides.
Once you agree to the terms of your payday loans, you’ll receive your money on the next banking day. You are free to use your money for any emergency or unexpected expense or purchase that you want to use it for. You’ll pay back your loan in full on your next payday. As you can see, payday loans really are simple and convenient for virtually any monetary need. Labels: , , , , ,
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Cash Rules Bay Area Housing Market


Cash Rules Bay Area Housing Market

Need a mortgage to buy your home? Then you’re out of luck.

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Chances are, the buy was made with cash — not a loan.

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It’s not enough to have wealth in order to get a piece of Bay Area real estate — you need liquid wealth, according to reports.

All-cash offers are winning out even over offers above the asking prices, according to the’s On The Block blog.

“That’s motivating some folks — even fairly regular people who don’t have Silicon Valley mega-bucks — to go the extra mile to be able to make cash offers,” the blog reported.

For instance, buyers will take out a home equity loan — which equals cash (plus the debt) — or cash out their retirement funds for the capital necessary to buy a home without financing.

An all-cash offer might win out over a higher offer “with inspection, appraisal and oan contingencies.”

But as it turns out, people who buy with all cash might end up getting a mortgage anyway to pay back the pile of cash, or to manage the property once it’s bought.

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Loan wars: Gifts galore

Flat-screen televisions, cash for groceries and even iPads – banks are competing to offer more attractive prizes to sweeten home loan deals as higher interest rates are forecast.

But commentators warn the prizes should be viewed only as a bonus once a loan has been settled.

One says the giveaways are “essentially buying your business with your money”.

With little separating their advertised fixed mortgage rates, banks are dangling “free” giveaways to lure prospective customers from rival banks.

Bank of New Zealand has sent letters to some credit card customers offering $1000 for fuel or groceries and up to $1000 towards legal costs if they transfer their home loan to the bank.

TSB has offered a new iPad or iPhone 5 and help with legal fees, and ASB is trying to get customers to fix their home loans by offering a 42-inch Sony LED television.

An ASB spokesman said last night the offer was an incentive in a competitive market, and its cost did not add to the cost of the customer’s loan.

Finance Minister Bill English yesterday warned higher interest rates were expected late this year or early next.

Speaking on TVNZ’s Q+A programme, Mr English said higher rates combined with Reserve Bank tools and planning changes would change the red-hot housing market over the next two or three years and bring more properties on to the market.

Dr Claire Matthews, of Massey University’s centre for banking studies, said people should study the entire home loan deal – including fees, terms and conditions – before being tempted by cash or giveaways.

“It might be that if you’ve got two banks that are almost identical, and one is offering a 52-inch television, then, hey, you might as well go for the television as well.

“But if somebody is offering a better deal, despite the 52-inch television you may not be better off.”

Economic commentator Bernard Hickey said similar giveaways were seen during the 2002-2007 property boom.

“But then, the banks tended to simply use price as their main way to win market-share. This time, they are being a bit more cautious about that, mainly because they want to preserve their profit margins.

The cost of such incentives were often simply added on to the mortgage, Mr Hickey said.

“What they are doing with these offers, is essentially buying your business with your money.”

Banks were competing fiercely for customers because conditions were right for them to lend, and they had incurred only extremely small losses from home loan lending.

But healthy bank profits showed the limits to that competition, Mr Hickey said.

“If the banks were the ones giving away the money to encourage you to borrow, then you would see it in lower profits for the banks. But we are not seeing that.

Mr Hickey said it was important that people realise the advertised rate was the start point in a negotiation, and haggled with banks.

“They have a lot of leeway in what they can offer,” he said. “It’s not like when you go to the supermarket, the cost of the Weetbix is $3.50 and that’s what you pay at the checkout.

“A lot of these offers the banks make are negotiable.”

By Nicholas Jones Email Nicholas […]

Editorial: Payday loans are predatory | Amarillo Globe-News

The term is ironic — a “payday” loan.

Once an individual gets caught in the shark-like tactics of these establishments, they often find they don’t have much of a payday left.

The Texas House Investments and Financial Services Committee heard testimony this week on the financially lethal methods of the payday lending industry in Texas, which also includes auto titles.

Most have seen the television commercials, where payday loan establishments make it look like obtaining a loan is as easy and harmless as ordering a cheeseburger and fries from the local fast food drive-thru.

If you’re paying a fee as high as 500 percent for that cheeseburger, then these advertisements might be more accurate.

State Rep. Tom Craddick, R-Midland, has authored House Bill 2019, which would attempt to restrict the Mafia-like interest rates of payday lenders, but still allow rates as high as 80 percent.

In February, Amarillo city commissioners approved a resolution asking lawmakers to take action and limit the interest rates of payday loan establishments.

Craddick’s bill, which was listed as pending in committee as of Wednesday, is a step in that direction.

Unfortunately, any possible legislation (and there are similar bills floating around) faces an uphill battle.

AGN Media Austin Bureau Chief Enrique Rangel recently detailed the power of payday lender lobbyists (Rangel: Big money behind payday loans, April 7,, but lawmakers need to do the right thing in enacting reasonable restrictions on these organizations.

Craddick has described the practices of these payday lenders as “predatory” — and that is an accurate description.

The day an individual receives a payday loan should not turn into the worst day of that person’s life.


Ten secures new revolving cash facility

Television broadcaster Ten Network Holdings has received an $80 million cash advance from the Commonwealth Bank of Australia.

“We thank our current banking partners for their support in relation to the existing loan facility and welcome the CBA (Commonwealth Bank) in agreeing to partner with Ten in this new loan facility,” Ten group chief financial officer Paul Anderson said in a statement on Friday.

The new cash advance facility is to replace the existing $350 million facility that was due to expire in February 2014.

The new facility will expire in November 2015 and complements Ten’s two private debt placements in the US, which will be repaid on February 25 from the proceeds of a recent capital raising, and $150 million which expires in December 2015.

Although the Commonwealth Bank is the sole lender under the new facility, the agreement allows for additional lenders to provide up to a further $40 million in additional loan capacity.

The December capital raising for $230 million was at 20 cents a share.

In June last year Ten undertook a $200 million capital raising at 51 cents per share, mainly to strengthen the balance sheet, with a small amount of the raising set aside to provide funds for investment in programming.

In October Ten posted a $12.9 million full year loss and announced a round of redundancies as it battled poor advertising markets and struggled to hold on to viewers.

Ten on Friday was up one cent at 29.5 cents.


Considering Your Options With Payday Loans | Automotive Engine

Get quick $ 500 payday loans online Babylon New York no faxing .

Are you currently caught up in a monetary jam? Do you want cash in a rush? If so, then a pay day loan could possibly be beneficial to you. A pay day loan can make sure that you have the funds for if you want it as well as for no matter what purpose. Before you apply for the pay day loan, you should possibly read the following article for a couple recommendations that will help you.

Get quick $ 500 payday loans online Indianapolis Indiana no faxing .

Numerous pay day loan lenders will market that they can not reject your application due to your credit rating. Frequently, this is proper. Nonetheless, be sure to look into the volume of curiosity, these are charging you. The interest rates may vary based on your credit ranking. If your credit ranking is poor, get ready for a greater interest.

Should you be unemployed or perhaps in the military services, you will notice that you will not be eligible for most payday cash loans. The lenders that do provide you the services ought to be carefully reviewed. You could find they are just sport fishing looking to obtain your individual information and employ it to rob your identity.

Think about how much you genuinely want the cash you are considering credit. Should it be something that could wait till you have the cash to purchase, use it off. You will likely learn that payday cash loans usually are not a cost-effective method to buy a big Television set for the baseball video game. Restriction your credit through these lenders to crisis situations.

In case you have requested a pay day loan and have not observed back again from their website however having an authorization, do not watch for an answer. A hold off in authorization on the net age typically shows that they can not. This implies you need to be searching for another solution to your temporary monetary crisis.

Due to the fact payday cash loans are often accredited inside 1 day, you must not jump on the initial online pay day loan organization you stumble over. Different firms have distinct interest rates, charges, and stipulations. Ensure you investigate, and surf the Internet to find the best probable organization for yourself.

Payday loans are a expensive method of getting cash that you require. You should think about seeking an improve via your task odds are it will be much less high-priced, and it can be easier than you believe. Just check with your human solutions office to get the information, you will certainly be really glad you did.

One way to be sure that you are getting a pay day loan from the reliable loan company is usually to seek out testimonials for many different pay day loan firms. Doing this should help you know the difference genuine lenders from frauds that are just looking to rob your hard earned dollars. Ensure you do sufficient research.

The best hint designed for utilizing payday cash loans is usually to never need to make use of them. Should you be battling with your bills and could not make comes to an end satisfy, payday cash loans usually are not the right way to get back on track. Attempt setting up a spending budget and preserving some cash so that you can stay away from these kinds of loans.

For those who have evaluated all of their alternatives and have made a decision that they have to use an crisis pay day loan, be considered a intelligent customer. Perform some research and select a pay day loan company which offers the cheapest interest rates and charges. If at all possible, only use what you are able manage to pay back along with your after that income.

There are numerous pay day loan firms accessible, that it could be considered a tad mind-boggling while you are figuring out who to work with. Go through online testimonials prior to making a decision. In this manner you realize regardless of whether, or otherwise not the company you are considering is reputable, rather than to rob you.

Payday loans are an excellent way to acquire cash in a rush. There are plenty of firms that supply this service, along with the expenses related to these kinds of loans vary. Seem for the very best package around the bank loan to help you pay it back swiftly and without any substantial repeating debt.

If you want to create a settlement straight away, a pay day loan will make it probable. You simply need to know what they require, so you will find no shocks. The guidelines in this article can assist you to be prepared for the entire approach. As a result, you can get a bank loan that assists you, and shell out it back again as soon as possible.