Quickquid 2536% APR

[Biddy 62]

Anyone seen the ad? Could'nt believe my eyes. Going to be a lot of repossesions in the new year with twats like this. Worse then the gold peddlers.

[StuartHopkin]

Link?

We should all grim them for a fiver.

[thetank]

Why repossesion if these are not loans that you have to secure on a property?

Is this not a bung me £50 the now to put the heating on and I'll give you back £65 at t'end of the month? I don't own hee-haw but I do have a job sorta jobby. Can't really compare it to a long term personal loan in terms of the APR (which they make pretty clear, only have to click once from their home page to see the rates in a large clear table)

wp if you're never going to be in this position yourself but I know a lot of peeps are and don't think it's too scandelous a buisness considering what the bank would charge them for an unauthorised overdraft. These aren't misery mongers imo

[Grier78]

Why repossesion if these are not loans that you have to secure on a property?

Is this not a bung me £50 the now to put the heating on and I'll give you back £65 at t'end of the month? I don't own hee-haw but I do have a job sorta jobby. Can't really compare it to a long term personal loan in terms of the APR (which they make pretty clear, only have to click once from their home page to see the rates in a large clear table)

wp if you're never going to be in this position yourself but I know a lot of peeps are and don't think it's too scandelous a buisness considering what the bank would charge them for an unauthorised overdraft. These aren't misery mongers imo

Yes its so difficult to operate profitably at these loan sizes and durations, the admin costs alone would be £10 per loan before you include anything to cover defaulters.

[StuartHopkin]

Yeah just found it. All seems above board and people know what they are paying when.

[thetank]

They only offer 1 and 2 month loans. They're not encouraging people to buy a load of shit they can't afford and pay back over 20 years or some shit.

[Teacake]

It is funny though when you see the APR and think there must be a missing decimal point!

[ViiperUK]

It is funny though when you see the APR and think there must be a missing decimal point!

i thought this

[Biddy 62]

Yes same here i did a double take wtf. Yeah see what you mean it just appears to be small loans, varied rates for some reason.

[ViiperUK]

:L £20k loan over 10 years at 2536% APR haha

[StuartHopkin]

:L £20k loan over 10 years at 2536% APR haha

Thank you for your request Mr ViiperUK.
Your loan has been approved at the rate requested.
The £20,000 will be in your designated bank in 24 hours.

I look forward to receiving your first repayment of £3,666 on the 1st January followed by 35 further payments on the 1st of each month.

[sovietsong]

:L £20k loan over 10 years at 2536% APR haha

Thank you for your request Mr ViiperUK.
Your loan has been approved at the rate requested.
The £20,000 will be in your designated bank in 24 hours.

I look forward to receiving your first repayment of £3,666 on the 1st January followed by 35 further payments on the 1st of each month.

thats only based on 1 years worth of interst.

please can you recalculate this stu.

thank you