giffgaff loan to get a phone, coming soon!

[perksie]

GiffGaff are going into the loan business, in a couple of weeks you will be able to borrow the money via a peer-to-peer loan system:

http://www.theregister.co.uk/2015/04/24/giffgaff_denies_users_hate_its_turning_into_a_loans_company/

It appears giffgaff users are not best pleased.

[perksie]

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@Anonymous wrote:

I wonder how O2 will react to this as they use their network.

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I think it's fair to assume this is being done with full O2 approval.

[perksie]

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@Anonymous wrote:
Not another quick fix loan scheme with high interest rates

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Very unlikely peer-to-peer lending is done as an agreement between the lender and borrower, these schemes have been running in the UK for many years with a great deal of success as they often undercut the main lenders.

Peer to peer lending was set up to avoid high interest rates, as a borrower you would never need to pay credit cards rates ever again.

Rates are normally very low and you can get an idea of how this works from the Ratesetter web site.

[Anonymous]

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@perksie wrote:

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@Anonymous wrote:

I wonder how O2 will react to this as they use their network.

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I think it's fair to assume this is being done with full O2 approval.

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You would assume so.

[perksie]

Well they have full control over it so it would have to be.

I think it's a brilliant idea and if well implemented could save their users a great deal of money.

[gindygoo]

No, there was no consultation on this. Gg just announced it was happening when it opened the giffgaff money section into the forum. Then it went live.

Charlie.

[gindygoo]

Ohhh and the apr rates are higher than Ratesetter. Which is who is facilitating the loans.. giffgaff said they'll cut out the middle man, when in fact they ARE the middle man...

C xx

[perksie]

Nice for people to have more choice when it comes to credit, they are free to use it or not as they choose.