The Truth about Payday Loans :Young, British and Broke BBC Full documentary 2013

With a million people set to use payday loans to pay for Christmas this year, Miquita Oliver goes undercover to find out the truth about Britain’s most controversial type of borrowing and meets people whose loans have spiralled out of control, sometimes with devastating results. But for every person she talks to who is desperate for cash to survive, there are others just after money for new clothes and parties. So how much do people really understand about how these loans work, and what they are getting into?

Miquita, who has had her own financial troubles, opens up her own payday loans shop rigged with secret cameras and hears startling stories of how these loans both exploit and are exploited by the people rushing to take them out. With the industry under scrutiny like never before, she tests whether lenders have cleaned up their act or whether some are still lending irresponsibly, creating big problems for the very people they are supposed to help.

25 thoughts on “The Truth about Payday Loans :Young, British and Broke BBC Full documentary 2013

  1. “If I see clothes that I want, but I don’t get paid for two days. I won’t
    wait, I want them straight away”.

    Well you’re a dickhead then and you need to learn to manage money and delay
    gratification.

  2. Not going to lie but I fucking love this. I feel sorry for people in a
    genuinely shitty situation so this is not aimed at them but the majority of
    those who take these loans out make me sick. No one is forcing you to “have
    a night out” and spend hundreds that you “HAVE” and “NEED” to spend so all
    the shit that those people get into is hugely satisfying. Just look at
    that dumb university student slag, that is meant to be the brains and
    future of the country? Wow.

    Again though…LOVE IT, really rate those companies exploiting all the
    morons in this country and if I had my chance at a dream job it would be to
    become the CEO of a company like Wonga and the first thing I would do is
    charge 1 MILLION per cent interest and get these people into even more
    shit!

  3. So this documentary proves it; Stupid, self absorbed idiots aren’t just in
    the United States.

  4. The interest rate is stated clearly. It might be small but it is there.
    What d! Ckhead takes out a loan without being aware of the interest rate?
    I’m sorry but it’s their own faults.

  5. Pay day loans are one of the worst ways to get money you don’t have. Most
    of the people who utilize pay day loans are people who simply have little
    to no money management skills. In the US we have similar issues with some
    working poor and pay day loans. On a rare occasion in an emergency someone
    may need to utilize a pay day loans, but if you find yourself using them
    regularly then there is something seriously amiss in your financial life
    that must be addressed if you wish to be able to save for things like a
    car, a house, and your retirement.

  6. So much has changed in England in so short a time. The shows I’ve seen
    depict such a different country than I’d known a mere decade ago. I’m an
    American, but have been lucky enough to travel there to visit friends a few
    times. It’s such a beautiful country, so seeing this kind of stuff becoming
    an epidemic in the nation’s youth is very sad. I get that these kinds of
    shows aren’t a full representation of an entire population, but the
    problem’s bad enough that it gets any media attention at all, apparently.
    Seems like the US is starting to at least *try* to address the crap that’s
    gotten us international criticism, while England’s started falling for the
    junk that made us look so bad over the years. Over-partying, boozing,
    obesity, lack of interest in higher education… it ain’t worth it.

  7. I love how these people think its the loan companies responsibility to tell
    you if you should really be getting this money. Of course they don’t care
    how you spend your money they just want to get paid. They are not your mom.
    Also nobody put a gun to your head and told you to sign. If you don’t watch
    out for yourself nobody else will. The old adage “If it seems to good to be
    true it probably is” still holds true.

    Oh and bankruptcy is a much better route than suicide, idiot.

  8. I don’t understand how people can simply lose control with stuff like this.
    I mean, how thick do you need to be to not see the bigger picture and the
    dangers with the debt that accumulates? If you don’t have the money, you go
    without…simple. Benefits are there to help you if you need food and a
    place to live but after that, you don’t deserve a luxury if you don’t go
    through the hard work to get the money. This “I want it now” or “I want it
    my way” attitude from the newest generation in our society is an utter
    disgrace. And their ignorance to the pitfalls is unbelievable. 5 minutes of
    fun or buying satisfaction in return for many years worth of misery is just
    totally illogical to me. And this is why I think this country is on it’s
    arse. People have never been so stupid in this country. I feel like I am
    surrounded by irresponsible retards.

  9. Next time someone tells me American young adults are stupid, I’m going to
    show them this video. By the time I was ten, I knew never to take out a
    loan unless it was really needed and especially not a pay day loan.
    I did borrow 5000 for my education, but risking high interest for
    clothes?! How dumb can you be?!
    And keep in mind, once your an adult, you need to be responsible with your
    money. My biggest purchase recently was a beef jerky stick, a bottle of
    water and a pack of peanuts. First rule of finance is: never take out a
    loan you don’t absolutely need!

  10. Legal thievery! Same as our government…banks…water
    charges…rates…electricity…gas etc etc etc! 

  11. This whole thing reeks of leftist propaganda. Where exactly do these
    companies get their profits? It can’t possibly be a sustainable business if
    too many default on their debts.
    If there are enough people paying to cover up the people too broke to pay,
    then good, but if otherwise they are getting the gap filled by the central
    bank or fractional reserve lending, then it’s a timed bomb waiting to blow
    up.

    It’s the borrowers, not the lenders who have to be responsible. It’s like
    demanding hardware stores to do background checks to make sure customers
    aren’t going to use a sledgehammer to beat someone to death.

  12. The gun doesn’t shoot the person, the jackass holding it does. Same thing
    applies here, these people were jackasses. They were too dumb to read the
    interest rates because they were blinded by quick money. 

  13. It’s not the companies’ fault, it’s the people’s stupidity and the shit
    government education.

  14. Leviticus 25:35-37

    “If your brother becomes poor and cannot maintain himself with you, you
    shall support him as though he were a stranger and a sojourner, and he
    shall live with you. Take no interest from him or profit, but fear your
    God, that your brother may live beside you. You shall not lend him your
    money at interest, nor give him your food for profit.

    

  15. these payday stores should be banned or closed by the government to protect
    the weak and the young who are taking advantage off.. this is what you call
    a legal highway robbery …

  16. Thanks for alerting /exposing $$ PAYDAY $$ loans .these people are sharks
    who harass and intimidate poor ppl. Not only w/outrageous interest rates
    they will effect ur credit ratings in a negative way and simple make ur
    life a living hell. Avoid payday loans if at all possible .$$monies r
    available elsewhere for emergencies go to non for profits either sector of
    gov. or churches also .or to pawn shops or have yard sale or garage sale .
    There are many ways to get money but payday loan is the last resort/ worst
    case scenerio. 

  17. If you cant wait until payday to get some shit you dont HAVE to have then
    you deserve the high interest rates and to lose all your shit when you cant
    keep up with these loan sharks.
    I got into getting these many years ago and it didnt take very long to
    figure out the scam here.
    You borrow NOW…and then when payday rolls around you dont have the money
    you needed because you already spent it…so you are right back in getting
    another advance on your next check.

    A REAL solution here is GET YOUR CREDIT straightened out.
    PAY your goddam bills…DO WITHOUT extra shit for a while until you
    do…then you can get a real credit card with ACCEPTABLE interest rates and
    not have to give these criminal thugs all your money just to keep up.

  18. The more i see British t.v. the more i see the connection between them and
    the u.s. cesspool of shit.

  19. I really don’t understand this level of greed. If I wanted something I
    saved for it, if I never had the money then I don’t have the thing, it
    really is as simple as that.

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