Steady Eddie Posted October 5, 2022 Share Posted October 5, 2022 6 hours ago, Andy Onchan said: Is the operation based on Shariah-compliant finance? There’s clearly a Sharia theme just based on the website. I’m not sure why you’d mix a Manx name (Argid is, I think, Manx for money) with pictures of women in hijabs smiling and pointing. But as has already been said these are just voucher schemes where the retailer selling you your TV or washing machine gets a sale out of your interest free loan and a whole pyramid deals and cross subsidies are done behind the scenes. Nobody is giving anyone free money. It looks like ultimately though they’re looking for altruistic depositors to do some sort of perr-to-peer interest free lending. Hopefully none of the loans go bad if you’re getting a zero return on your capital for the lending risk. Quote Link to comment Share on other sites More sharing options...
AcousticallyChallenged Posted October 5, 2022 Share Posted October 5, 2022 At face value, it seems less predatory than things like Klarna which seem to appear to allow you to even finance a takeaway if you can’t afford it all at once. Quote Link to comment Share on other sites More sharing options...
Steady Eddie Posted October 5, 2022 Share Posted October 5, 2022 1 minute ago, AcousticallyChallenged said: At face value, it seems less predatory than things like Klarna which seem to appear to allow you to even finance a takeaway if you can’t afford it all at once. It’s just timely with the emerging cost of living crisis isn’t it? People have no money for the basics so this sort of offer will ride the wave of desperation. You’ll probably be able to buy beans in the Co-op with a loan soon. But just remember what happened to Arthur Fowler in 1988 when the Christmas Club money disappeared. 4 Quote Link to comment Share on other sites More sharing options...
AcousticallyChallenged Posted October 5, 2022 Share Posted October 5, 2022 Just now, Steady Eddie said: It’s just timely with the emerging cost of living crisis isn’t it? People have no money for the basics so this sort of offer will ride the wave of desperation. You’ll probably be able to buy beans in the Co-op with a loan soon. But just remember what happened to Arthur Fowler in 1988 when the Christmas Club money disappeared. Klarna etc have been going for years. Retailers get a bigger cut if people take the finance, and Klarna claim they spend more too when it’s a checkout option. You can see how it quickly ends up dangerous with people overstretching. 1 Quote Link to comment Share on other sites More sharing options...
Steady Eddie Posted October 5, 2022 Share Posted October 5, 2022 26 minutes ago, AcousticallyChallenged said: You can see how it quickly ends up dangerous with people overstretching. True but if they are ultimately trying to get peer-to-peer depositors in to deposit and lend out a 0% and assume the loan risk it might be a big ask? Quote Link to comment Share on other sites More sharing options...
Wavey Davey Posted October 5, 2022 Share Posted October 5, 2022 6 hours ago, quilp said: Insert shariah-based punishment here... Yes the loans might be interest free but you’ll be whipped to within an inch of your life by the religious police if you don’t pay it back! 1 Quote Link to comment Share on other sites More sharing options...
kevster Posted October 5, 2022 Share Posted October 5, 2022 1 hour ago, Steady Eddie said: There’s clearly a Sharia theme just based on the website. I’m not sure why you’d mix a Manx name (Argid is, I think, Manx for money) with pictures of women in hijabs smiling and pointing. But as has already been said these are just voucher schemes where the retailer selling you your TV or washing machine gets a sale out of your interest free loan and a whole pyramid deals and cross subsidies are done behind the scenes. Nobody is giving anyone free money. It looks like ultimately though they’re looking for altruistic depositors to do some sort of perr-to-peer interest free lending. Hopefully none of the loans go bad if you’re getting a zero return on your capital for the lending risk. If I hear anything else from Saqhib about this, I'll post on here (with his permission) Quote Link to comment Share on other sites More sharing options...
AcousticallyChallenged Posted October 5, 2022 Share Posted October 5, 2022 On a more serious note, it does seem like an interesting and potentially helpful proposition for getting out of a bind. The referral needed for a loan is interesting too, as it feels like it could be a bit more flexible than computer says yes or no. Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted October 6, 2022 Share Posted October 6, 2022 12 hours ago, Steady Eddie said: Nobody is giving anyone free money. It looks like ultimately though they’re looking for altruistic depositors to do some sort of perr-to-peer interest free lending. You can do that through the Manx Credit Union, I think. Quote Link to comment Share on other sites More sharing options...
Steady Eddie Posted October 6, 2022 Share Posted October 6, 2022 (edited) 11 hours ago, Andy Onchan said: You can do that through the Manx Credit Union, I think. Yes you can. If you can ever find anyone in there to speak to. Edited October 6, 2022 by Steady Eddie Quote Link to comment Share on other sites More sharing options...
Apple Posted October 6, 2022 Share Posted October 6, 2022 (edited) 22 hours ago, Wavey Davey said: Yes the loans might be interest free but you’ll be whipped to within an inch of your life Some people might pay for that...🤫 Edited October 6, 2022 by Apple 1 Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted May 22, 2023 Share Posted May 22, 2023 2 minutes ago, SenseiNL said: Hey, I stumbled upon your post about short-term, interest-free loans, and I must say it caught my attention. It's intriguing to see how this concept will evolve and gain momentum. It seems like someone is using the island as a test bed before expanding on a larger scale, which is a smart move for startups and growing businesses worldwide. An AI Devon Watson how amusing. 2 Quote Link to comment Share on other sites More sharing options...
hissingsid Posted May 22, 2023 Share Posted May 22, 2023 If a thing looks too good to be true…..it always is 😒 . 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted May 22, 2023 Share Posted May 22, 2023 7 minutes ago, hissingsid said: If a thing looks too good to be true…..it always is 😒 . It isn't even too good to be true. Its a spambot. 1 Quote Link to comment Share on other sites More sharing options...
WTF Posted May 22, 2023 Share Posted May 22, 2023 2 hours ago, SenseiNL said: Hey, I stumbled upon your post about short-term, interest-free loans, and I must say it caught my attention. It's intriguing to see how this concept will evolve and gain momentum. It seems like someone is using the island as a test bed before expanding on a larger scale, which is a smart move for startups and growing businesses worldwide. try stumbling down the stairs. 3 Quote Link to comment Share on other sites More sharing options...
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