'He Hurts People' Loan Shark Reveals all to Bank of Dave
ฝัง
- เผยแพร่เมื่อ 25 มี.ค. 2024
- The Bank of Dave's Dave Fishwick got the chance to sit down with a loan shark who told Good Morning Britain that he's busier than ever as homeowners struggle with their remortgage payments.
While loan sharks are illegal in the UK, 3.3 million people in Great Britain have borrowed from an illegal lender over the past three years.
Broadcast on 26/03/24
Stream Good Morning Britain live, every weekday from 6am on the ITVX 📲 daytimelink.itv.com/WatchGMBYT
Subscribe now for more! bit.ly/1NbomQa
Like, follow and subscribe to Good Morning Britain!
The Good Morning Britain TH-cam channel delivers you the news that you’re waking up to in the morning. From exclusive interviews with some of the biggest names in politics and showbiz to heartwarming human interest stories and unmissable watch again moments.
Join Susanna Reid, Ed Balls, Kate Garraway, Richard Madeley, Charlotte Hawkins and Sean Fletcher every weekday on ITV from 6am until 9 every weekday!
ITVX: daytimelink.itv.com/WatchGMBYT
Website: bit.ly/1GsZuha
TH-cam: bit.ly/1Ecy0g1
Facebook: on. 1HEDRMb
Twitter: bit.ly/1xdLqU3
www.itv.com
#GMB #loanshark #financialadvisor #bankofdave - บันเทิง
![fellow fellow - Proud [OFFICIAL MV]](http://i.ytimg.com/vi/9uZF7BlUQPE/mqdefault.jpg)
![[TH] VCT Pacific Stage 2 - Playoffs Day 2 // PRX vs GEN | DRX vs TLN](http://i.ytimg.com/vi/gmrSk-_ahlA/mqdefault.jpg)
![แขกคนแรกร้านแจ๊ส [ซี - เอมมี่] | iJazzKhunJang](http://i.ytimg.com/vi/XP6C9kulFfc/mqdefault.jpg)
“I stop when people die”
Well he’s already better than a bank…
And the government
Your not wrong 😂
That’s right.
Exactly my thoughts! I came down to the comments to say this knowing many ppl would've said the exact same thing.
What, do they think a bank has ANY concern or care about what's good for us?
I owe 10's of thousands in loans and in credit cards right now. Let's say something awful happens like I get cancer. I have no illusions that the bank might say 'oh man he really needs this right now"
Hahahaa so true
I love how this interview tries to show the atrocities of loan sharks and instead shows the atrocities of the financial system we live in
You hit the nail on the proverbial head.
Completely agree
EXACTLY
EXACTLY!!!!!
It’s funny cause he says the only
Time he writes off a loan it’s when they die , most banks if you die will give the loan to next of kin soooo he’s better than them in that aspect
Do banks care about you any more than a Loan Shark? Absolutely not.
I do hope more banks close, absolutely shameless they are the way they skirt around obligations & charge additional fees when you're not looking to closely.
you’re not wrong, but the difference is the bank wont tie you up in a forest somewhere i guess
@@ygbh5934The thing is, the people borrowing the money know what they’re signing up for. The loan sharks have their rules, but you can choose not to even participate in the borrowing to begin with
@@sdaniaal I would agree but the system is set up so that when a bank fails they pay little and the tax payer covers the loss. At this point I say we need a meteor.
@@sdaniaalthe government won’t allow that. They can make only wrong decisions and the government will bail them out and they’ll still get there 8 digit bonuses
Its so funny they tried to shame the loan shark and end up making everybody agree that banks are worse then loanshark
Well look at Payday Loan companies. Now they charge a fortune!
@@StallionStudios1234 I remember an old ad that used to run for title loans and their slogan was something like “the loan isn’t cheap but the money is fast” while having 400% or 600% interest printed on the screen lol. It’s funny how this idiot who is interviewing sings the praises of the bank while ignoring the fact most people going through the loan shark are doing so because the bank won’t loan money or because the bank is threatening to foreclose on their house. You are talking about people who if they don’t get this loan from the loan shark are going to loose their homes.
Usually people visiting loan sharks are doing so because the bank got them into this trouble to begin with. Also, his interest isn’t all that much higher than the banks interest lol. Difference is he wants his money upon due date while the bank wants you to make the minimum payment so they can get much more out of you than the original loan. I mean yeah 50% interest is high but I have seen banks go higher they just hide the fact you will pay 2 or 3 or 4 times what you borrowed through confusing language and a mile long contract.
Yeah this guy may be targeting people in a bad spot but it’s no different than what the bank does. Only difference is the loan shark won’t take your house only your knee caps. Yeah loan sharks are bad but let’s not kid ourselves like the bank is any better usually people seek a loan shark because the bank got them into this mess and is going to take their house.
worse than
Probably the best ad they could've provided for this guy
Facile and delusional
LOL
And the loan shark KNEW that and that's why he did it.
Legal loan shark hates illegal loan shark cause he takes away his customers.
Look up Dave fishwick and come back to me
@@charliebalchin3805 Alright. Now what? All banks are against people.
@@charliebalchin3805yeah you’re right it’s even worse after googling him! I’d rather loan from the illegal loan shark
@@charliebalchin3805 I don't get it, just saw some dude in crook cosplay
During the 2007-2008 financial crisis, Dave Fishwick felt that the existing banking system needed change as he believed that traditional high street banks were not lending enough money to people or small businesses, and that they were held in a negative view by the wider population, particularly because of the 'bonus culture' that benefited the banks' employees.[1][3]
In response to this, he assembled a small team and began lending through BSAL by personally underwriting all loans and assessing the risk of each loan by studying the business models and repayment plans of his customers. Since opening, the enterprise has lent to thousands of customers, mainly centred around Lancashire and the north of England.[1][4]
After six months of trading, BSAL had returned a profit and passed it on to various charities, including local food banks and community centres.[3] The company reported that by 2022 it had given loans totalling over £27 million to thousands of businesses and people.[
“What a monster charging a 50% interest rate! Go get a payday loan legally at 700%!”
From the experian website: "Payday loans can be relatively easy to get, but their interest rates tend to be much higher than other forms of credit - it's not uncommon for them to have an APR of 1,500%. You'll usually pay off a payday loan the next time you get your salary,"
It's caused by a lack of regulation. My country has capped yearly interest at 20%.
how is it even possible to repay 700% !!
@@ayumuaikawa It’s very hard. Never take Payday loans haha
@@chop54321worst loans there is
“What a nasty price of work” they say.
I say 50% is cheaper than a payday loan
Exactly😂he isn’t forcing them to lend money they come to him. it’s better than lending off the robbing banks they have today
@@salmonella3177bank doesn’t castrate you or break your kneecaps if you can’t pay them back 😂
Payday loan won't break your legs when you don't pay up.
@@rotoboravtov4354 so pay up then 😂😂😂😂
@@rotoboravtov4354but they’ll take your house and everything you own
Trying to frame a 20-25k wage as being middle class is outright disgusting
I’m on almost £45k and I struggle when I get a fine or insurance renewal comes up… honestly i don’t even know how I survived on a quarter of that last year
Disgusting? Alright karen.
@@clubsport_46330if you live in a city especially London then you can’t complain because it’s more expensive
@@LCFCV9because 20-25 is minimum wage now
@@SYLVM__ you're completely right
“He lends 100,000 & wants 150 back weeks later” when he literally just played a clip of him saying he lent it over the course of six months, math isn’t matching.
hes tryna hide dat the country runs on "legal" loan sharks
I noticed this right away the reporters say a lot of things that directly contradict what the loan shark says in the interview just to try and make it scarier in a poor and lazy attempt to add shock factor for the viewers. I wouldn't advise people to use loan sharks, but I wouldn't advise taking a loan from legal creditors either because if your financial situation changes for the worst they won't just ruin your life now, but ruin your credit score too so your life is permanently more difficult financially.
Save your money, it's better to not have something until 6 months from now and then pay 1,000 for it than it is to have it right now and pay 1,500 over 6 months. Instant gratification and instant dopamine rushes are turning us into slaves stuck in a trance and disconnected from the real world
@@fificvjetnodrustvo7415yeah mate, Santander and their 50% interest rates …
There is no rates thts his price end of weather we agree fact is these people exist play by the rules youl be fine
@@fificvjetnodrustvo7415 even 6 months later is 125% APR. And you can just ignore the bank for a long time and go into bankruptcy. Against a loan shark, you can only die.
This guys less shady than most banks let’s be honest
Thank you
Wow you’re delusional. How is he less shady?
@@TheComedyGamers77😂 would you borrow me as well? Just kidding.
@@deivytrajan hes honest all u have to do is pay em back and ur fine. banks do the same thing but they don't need to resort to violence they just instead destroy ur life take ur house and anything of value to the point u can end up homeless. nothing shady about em only thing is they are openly dangerous where banks are shady dangerous.
@@deivytrajan he's a loan shark, you know what you're getting in to, get a loan from a bank, how quickly they skim through 5 pages of fine print of how they will run your life is insane. They're sharks for a reason, jump in shark infested, you know right out of the gate what you're in for. Banks are like eating a mushroom in the wild, looks safe, smells safe, tastes safe, then you end up make in the middle of a freeway or dead in the woods🤣
The GMB episode has backfired. The loan shark seems more honorable than banks. He doesn't chase family members either, and his rates are better than payday loans as well.
The interview is a bit a plonka as well. In what world is 20-25k middle class?
Even said he's had people come to him because the banks wouldn't help for 3 months, and they needed help now. Black markets are things that flourish based on areas where the system itself has open cracks or gaps for people to fall through. It is proof that things need to be changed.
He means if they work in the UK and live in Indonesia or the phillipines 💀💀💀
“Middle class £20-£25k a year”
The national living wage is £11.44 per hour, you work 7 hours per day for 5 days a week, for 52 weeks of the year (this would include holiday pay) that’s £20,820.80 a year before tax. If you increase that slightly to 8 hour days, so a 40 hour work week, that’s £23,795.20 a year.
When on earth did working a 40 hour work week at minimum wage become middle class? That’s literally the definition of working class. It’s not 2001 anymore.
With all due respect, you’re contradicting yourself with this comment. Under one roof your joint annual income is almost £50k. That certainly goes a lot further in rural areas than it does in urban areas, not just north/south generalisations. £20-£25k a year will not get you anywhere alone, you literally have to double it as you have done to be comfortable as you said, it is not a middle class wage.
Someone calculated in the US you need to now make 174.000 USDollar a year to be on the bottom end of the actual “middle class.” As what it was called in the 60’s and 70’s
@@jimjogger306 That is absolutely what I’m saying. You are only able to afford your life based on your joint salaries. If you were to be living on your own, you wouldn’t have any of it.
@jimjogger306 when did you get this mortgage?
@jimjogger306 yes you are. I'm on 35 and partner on 25, there are people in this world with amounts of money that you could not fathom.
The "middle class" was invented by tory mps and doesn't exist.
There are slaves, and slaves with options, and that's us.
"They prey on the poor and vulnerable"
The irony is strong here.
Borrow $100k from a loan shark? Pay back 150k. Borrow 100k from a bank? Pay back 375k over 30 years.
Ya, but you're intentionally omitting the shark loan is over 6mo, so his API is 100%. Over 30 years, that would be £6,000,000 - not that the loan shark would ever give you a long-term loan. I think rather than a mortgage loan, the better point of comparison would be to a payday loan company, which charges 700% API over 6mo.
The fact a loan shark doesn’t chase family members for loans but a bank will come after anyone you put down as a guarantor shows you who you actually should be more afraid of. Realistically they’ve presented personal accountability finance better than our current “legal” systems. Loan shark also saying he checks the person can actually pay the loan back is more than most credit operations are doing…
Well he wouldn't come after family, he'd probably come after the person who introduced and vouched for the loan recipient. They would act as a guarantor of sorts.
Don’t put them as guarantors then, this comparison is facile and demented.
Banks will come after you even if you're not a guaranteer. If you're just related to the person they'll try to get you to pay.
@@ethanking4954 I can't speak to anywhere else, but I know in Canada that's illegal. In Canada if you provide the company seeking the family member's debt written notice that you will not be assuming the debt, and they don't stop contacting you, the government will fine them. Canada tends to implement similar policies to the UK, so it wouldn't surprise me if the UK had a process such as that.
"AND THE MIDDLE CLASS 😱" like its worse than the poor and vulnerable 😂
Yoooooo you're so right!!!!!!
That's maybe the funniest part. Like woe is me he lends to people Who ostensibly shouldn't need his services in the first place.
It’s almost laughable how disconnected these people are from reality. It’s easy when you are financially free 😂
It’s easy to use a bank
@@mckernan603not everyone can just take out a loan because of various reasons
@@mckernan603 you are part of wats wrong with the country
@@mckernan603not in todays economy
@@mckernan603 Do enlighten me ‘cause, I had a 750 credit score, tried to get a $3k (used) car loan in college, was denied. But hey, no issue applying an over draft fee when you got 0.10¢ over
Another interesting aspect of criminality. Apart from the physical violence, the banks are no different.
The banks don’t break your thumbs.
@@franknuzzo2576 Hence why I said. “Apart from the physical violence”.
@@franknuzzo2576But they do make it very difficult, if not impossible, for you to meaningfully partake in society. The only difference between this guy and your bank is that he doesn't have permission to hunt you down and take back what you owe him.
@@franknuzzo2576you can't read can you? That's sad 🤡
Even then the banks have all sorts of ways to have the cops show up at your house if they really want to
Also worth noting, Dave was technically a loan shark once upon a time, loaning people money when he didn’t own a bank.
A not for profit loan shark? Seems more like a loan dolphin to me
-----
returned a profit and passed it on to various charities, including local food banks and community centres.[3] The company reported that by 2022 it had given loans totalling over £27 million to thousands of businesses and people.
Nasty Piece of Work
Coming from a broadcaster getting paid $500,000+ a year.
I would rather a broken leg than lose my house. I honestly don't see any difference between the way that man ruins people's lives and the way banks ruin peoples lives
They will still want their money after they broke your leg, or they will come and break the other one too. It's like he said, unless you die the debt won't be written off.
@@paulschipper9428still better than a bank in many ways. U might die but ur family is free. What happens if u can’t pay back from a bank. They add up more fees, destroys ur legal credit, then jail you while also taking everything u and ur family owes. Then because of that ur family is homeless, ur in jail, and when u get out…ur in an even worse position.
@@paulschipper9428 better than banks. my friend mum died and now he owes loads of debt and its really stressful, even though he had nothing to do with these agreements
People borrowed money from him, he never forced people to get into that. Now whose fault is that?
The bank goes after your family and puts you in prison though.
3:35
His answer is laughable - "They have no interest in your better needs"?? What bank has my interest at heart?
The real reason is that the loan-shark isn't regulated by the government, so he can do whatever is necessary to get his money back.
better way to put it is because he isn't regulated he can't turn to the legal system to enforce a demand for money. He has to make sure a borrower takes his obligation to him seriously.
And 20k a year aint middle class thats almost min wage and the banks are just as bad
20k a year is min wage working 35 hours a week
20k is less than minimum working full time
@@skefsongames it's 20k a year now in uk
To say they’re praying on the poor and vulnerable is simply not true considering someone how paid him back £150k cash. It’s people with illegal occupations that can’t pass a credit check for obvious reasons.
Dude even explains people have to go through people to find him. I like the way there saying "he thinks he's running a business" then call it "a serious business"
You don’t seem to understand what ‘vulnerable’ means
Exactly! Its not like he's out marketing and trying to get people in 😂... they literally have to approach him. People are capable of making they're own decisions, so to say he's preying on them is just ridiculous!
News media these days 🤦♂️
Thank you. Good Point. To think about
Are you dense? He said his main client base are those that are "desperate"
The fact that loansharks exists show that the system is flawed and unable to support certain people.
The bank will come after your family after you pass. In some cases they will leave your family homeless.
why not treat casino owners and online gambling ceos like this??
The mob used to keep the casino owners in line that’s not happening no more
They have no interest in your better needs?? neither do the banks.. they'll have you on the street and you'll never know the person who pushed the papers.. but you'll know the loan shark. plus 20k a year classes you as middle class?? that is dam near retail salary....
"What a nasty piece of work."
- News anchor sitting at a desk in front of a camera in a building, all financed by people who wouldn't dare loan money to the loan shark's customers because they're too poor
This guy doesn't even get a county court judgement against you if you don't pay. Better than most money lenders.
@@theloniouswu5090 The legal cap on Payday lenders in the UK put in by the FCA is 0.8% PER DAY. Easy to find a lender charging over 50% for 6 months or a year.
@@theloniouswu5090 Remember those payday loan ads you saw all the time? They were much worse than 50%
@@theloniouswu5090 I never said they were. You said "find me a money lender charging 50%". I did, therefore I completed the task.
@@theloniouswu5090 That wasn't my original remark, that was the original commenter's original remark
@@barryhomeowner9293 whoops, my mistake. Sorry mate.
there’s 4 people featured in this video and only one of them isn’t a clown
And he aint in the studio!
NO SCHOOL unless a private school will never teach you about money, business or how to survive in the real world !
Of course, because it doesn’t ultimately serve the system which ultimately thrives on people being indebted.
Private schools don’t even teach that either. I worked at one. Honestly it’s all a joke.
My economics teacher made this his mission, trying to educate my class of Highschool Seniors on how to set yourself up for sucess with financial basics
Nasty piece of work that doesn’t force anyone to borrow money from him. The guy won’t bother you if you don’t owe him money, and if you owe him money and pay it back on time then you won’t have issues. Don’t get into debt with people you can’t pay back.
He also said he checks people out before lending which makes sense. So anyone who couldn’t pay back he probably wouldn’t lend to anyway. What’s the point in him losing money by lending to people who are not going to pay back?
@@wr2899meanwhile, the banks purposefully go for people like that.
Ironic that the illegal lender is more ethical
Tell me your news program is government sponsored without telling me your news program is government sponsored 🙄
I wonder who the person who got a 100k loan needed to aave their house from?
Late payment, repossession notice cause payment arrangement broken? Who knows
@@MrCeDouKthe answer was the bank
@@sp69as always
Wait so the guy said he dont chase family members if the person dies and you guys think thats a threat? I think he ment, if someone passes away even naturally then he dont chase family members for his money, whereas the banks and actual loan companies be taking houses and on some occasions do chase next of kins, just saying hes got a bit of decency in that aspect😂💯
He has better interest rates than legal lenders and banks and they say hes a "nasty piece of work" the news is nuts man
There’s not a single bank in the world that has more than 50 percent interest rates. This comment is utter stupidity
Banks offer about 6% interest not 50%. Having to pay back an additional 50% within 6 months is mental
That’s a ridiculous comment he’s about as professional and trustworthy as a drug dealer
@@itsalexplayz2782most serious drug dealers are professional, work shifts and have different people with different roles and then clean the money. You don’t successfully do that for years on end without being organised and intelligent.
Which banks are charging 50% again?
Yes, I forgot banks never pray on people.
Yeah, makes churches jealous if they do that.
Daves problem with the loan shark is that they’re taking money out of his pocket.
The loan shark seems more honourable and upfront.
Imagine if we lived in a country where desperate people didn’t turn to these shady lenders.
It’s always gonna happen tho. As humans we are flawed. You could have the perfect society and people would still risk their families lives by lending money.
You'd prefer the desperate to just give up and go live in the woods?
Name me one country? Every country has people who prey on the uneducated and vulnerable
@@hoihoi726in what world is that the only alternative? Personally I'd like to live in a country where people didn't get so desperate they'd risk their life
@@barryhomeowner9293 Yeah duh. But there are desperate people. And desperate people do desperate things. Everywhere and allways.
Loan sharks are not the issue, greedy banks and unreal hoops to jump through, inflation and insane government spending... Leads to poverty
There isnot really much difference between him and banks, banks won’t break your knee caps but they can ruin your life
Exactly
Well if you can’t pay back your loan then you shouldn’t take one … it’s not free money
Yeah but this loan shark could essentially raise the amount you borrow and if you try and argue with them no one’s gonna save ya. At least the bank have official documentation
Banks get the state to do violence on their behalf
@@hill1629i’d trust him more than the banks
“He wants 150,000 literally weeks later” umm pretty sure he said it was a 6 month loan. No need to lie about something that is already bad enough to begin with.
Ive never seen a poor person give anyone 150k 😂
This is the comment right here.....
Obviously try stay away from loan sharks but this has to be a joke 😭
He really said “they pray on the poor” acting like he don’t do the same 😂💀 2:29
So if im broke ring the police? Okay sweet
Edit: So far no money yet but the sun is out so im feeling lucky 😂
All through the video "he thinks this is a business" last comment at the end of the video "hes running a serious business " 😂
So they prey on vulnerable people but those same vulnerable people are the ones that seek out the loan sharks?? 🤔
Kids need to be educated on the dangers of banks and lenders in general and how to safely navigate it all, loan sharks are the tip of the iceberg with this issue.
Can you imagine? I wonder why there is no financial management taught in schools and have citizens that are wise to being indebted 🤔🤔🤔.
This seems more like compulsive hate than reasoned dislike. Seems like they’re making him out to be a lot worse than he is. Which really isn’t the message you want to put across.
The loan shark really made his side look pretty good. If you're afraid of a loan shark then don't use their services. They check to make sure you're good for it, and they'll deny you if you aren't. They're there for emergencies
Loan shark = bank without the suits
Do banks ever write loans off 😂 do they care about you no if you can’t get a loan and get desperate then I can see this helping a lot like I know it’s bad but as he said he helped someone save his house I bet they went for a loan and got rejected left right and centre
Don’t banks still chase up family members if the creditor dies anyway 😭🤣
He said he doesn't chase loans from people who have died, he never said he murders them 🤷♂️
I love how they act like paying 150k on a 100k loan is bad when many banks do this to people in a slightly more covert way. At least this guy is upfront about it
man said 'even the MIDDLE CLASS!' to make us care because working class people's lives don't matter as much to him (and he wants us to believe he's any better than the loan shark)
The only difference between a Loan Shark and a Bank clerk is a suit.
GOV : So we need to teach young adults how to financially savvy…
BANKS : Student Loans!
We the People : **sigh**
Too right mate😂
Do you one worse though. Student loan now in 2024 makes kids pay off the loans for most of their lifetime. Apparently the average loan is 50k from what I can find?
Credit rating system feeds them
That’s fake as well 996 out of 1000 and computer says NOoooo 😂
Honestly I respect the loan shark more than anyone on this show
How is he any worse than the mega rich money lenders who leave people homeless or incarcerated because they can't make their payments?
The guy is quite admirable TBF you don't know how desperate people need money and if they pay the guy on time there sweet
6:41 it would’ve been great if he said “I borrow 100 pound and didn’t pay back , he broke me leg clean in half so yea he is legit” 😂
Love this specially if you read the last bit in his voice 😂😂
Can we call 999 when CMS is harassing and threatening people for money they don’t have, or literally stealing their wages?
The only reason they think it's digusting is because they aren't profiting from it theirselves.
As far as loan sharks go this guy seems about as respectable as you can get
Now interview bankers who take away families homes, and leave them destitute
What’s illegal about him lending money out? You borrow you agree a fee what makes it illegal?
If there’s not a law specifically for it then it must be because he’s not financially regulated. However you raise an interesting question, if my friend lends me money (they are not FCA regulated) then where and how is the line drawn between legal and illegal?
@@wr2899well then your going into his personal life and where the money came from but surely lending someone money like he does isn’t illegal it’s what happens after when you don’t pay them back that is
"Despite what some people do, I don't chase family members for that. It's done."
I can respect that, at least. A gentleman criminal is a rare breed.
It's just to protect himself. The family members would be much more likely to get the police involved being harassed over a debt they'd never heard of than somebody with criminal connections borrowing from loan sharks.
@@mattm45613 I didn't say he was a good person. I said he was professional.
These reporters don’t realize how bad they are making banks look
4:45 lol in other words “we know its usually black & brown people who go to loan sharks but now white people are going too”
20k/25k is frankly peanuts these days.
20%/25% of the second half of that 25k is gone in tax and national insurance, so 25k is 22k in reality… £1830 a month.
With the average home rent being near £800… where’s the ability to afford to live? Food, fuels and clothes will cost £1000 easily.
24/25 take home on 25k is £1772 so it’s even harder than that. The truth these days is that if you’re only on minimum wage or just above doing anything on your own is almost impossible. You need a partner also working the same to be even close to comfy and even then, that’s at the bottom of the ladder. Only advice id ever give is never rent, it’s a casino where you can only lose all your money.
@@thunderbug8640great advice, is everyone supposed to live on the street then? Or do you have a magic trick to get everyone a mortgage?
Seems like a comment from someone who has had everything passed down to them and worked for nothing
@@craigyboy4770 Not at all you just sound like someone who is bad with money or a buy to let goober trying to spread bad info lol. According to the data the avg rent in the uk is £1200. That means if you’re living at home and you can afford to rent a place you need to stay for 1 extra year and you have 12k for a deposit, that is if you’re on your own and don’t save anything else and only do it for a single year. If you can double it with a partner you’re even better off. On a 200k house over 30 years your payments will be between 1000-1200 with a 12 grand deposit in today’s worse climate, so less than or equal to the rent you would have been paying. The main difference in this case is you’re building equity, not just burning money. Just scale this up or down depending on your income. Yes some people don’t have a situation where you can stay home, abusive parents etc but for the 99/100 young people moving out to rent is just a bad move.
@@thunderbug8640 You’re not wrong… i was renting for years because i moved out too early and under bad circumstances… in that time i still slowly saved up 9k, i eventually got a 5% mortgage on a 170k house… best choice i ever made. It’s not been too many years since, but i can already see those payments adding up.
…and for those saying it gets handed to some, so what if it does… if i can help my children out with their deposit one day, i will gladly do so, otherwise i curse them to the same wasted years and lost opportunity.
They edit all of these pieces beyond belief and still couldn't make the loan shark out to be the bad guy 🤣
It’s illegal to go to a loan shark… but it’s totally legal to go a bank that will do the EXACT same thing
Tell that to pay day loans and many credit cards who charge 39.9% APR. They are just posh loan sharks
I love how he dropped payday lender accidentally on purpose.
>”we make sure they’re vouched and are stable enough to pay back”
>”they just pray on the poor and vulnerable”
Get that guy back and ask how many homes he’s repossessed and resold to more people who can’t pay it back?
I've had payday loans apr over 100% when I was homeless.
They lent you money when you was homeless?
Makes sense I guess
Middle class is £20-25k / yr ? 💀
“Good morning Britain. This next section is sponsored by the banks.”
Its so predatory.. like... every financial institution every conceived.. they might hurt you but us sympathetic people will only put you in a cage for years
Ahhh it gets worse lol!! Do you ever write one off.. in the us theyll literally take it from your family when youre dead
“ they pray on the poor and going after middle class as well” so… like a bank…?
So if you need $100,000 to pay the bank where do you get the money from? The loan shark is filling a need and it is crazy
Trust the shark more than any bank. Least you know exactly where you stand with the shark
6:04 Why did the guy say "Take a load of this" before the loan shark actually makes some very logical points that even he said should be taught in schools?
They can't even help feed kids a decent school meal but want to teach them something that probably going to change a million times (think of penalty APR that popped up in 2009, CARD. Ect) and remain largely useless until they reach young adulthood and need swathes of money to put towards, I don't know, a cardboard box by the side of the road at this rate...
How do you get so pompous you make the comment section to side with a literal lone shark? How do you become that bad at your job?
Teaching financial education in school. 😂 they never would the banking system would collapse
"Are you worried you'll get caught"
Mate he's kitted out like the Invisible Man, of course he's afraid of getting caught.
This guy answers questions like a politician, very untrustworthy
Dude works exactly like a bank
Not exactly..
@@badad8537 what’s the difference?
@@matthewdaisley9996 Well banks don't tend to kick your head in when you default on a loan payment for a start.
@@badad8537 no they just take everything you own 😂 it’s the same operation
No different to banks tbh. They just smartly do it
Difference between him and the banks is a suit.
I’ll stay a trillion miles away from a bank
He’s blaming the loan sharks while the real problem is the leadership of the entire country
I completely agree. If our country wasn’t in such a mess financially and they were giving us more help then maybe people wouldn’t need loan sharks. How many businesses have failed because the cost of living! People making these decisions have no idea about the real world, so it just carry’s on.
This is a clear case of rival making a rival look bad because he is stealing his clients😂