How can a responsible society allow this?
29 March 2010, 04:33 PM
#1
How can a responsible society allow this?
Payday Loans: Quick Payday loans @ www.QuickQuid.co.uk. Advertising now on Sky.
If YOU have too many debts, take out a SHORT TERM loan..........only 2356% APR
If YOU have too many debts, take out a SHORT TERM loan..........only 2356% APR
29 March 2010, 04:47 PM
#2
Payday Loans: Quick Payday loans @ www.QuickQuid.co.uk. Advertising now on Sky.
If YOU have too many debts, take out a SHORT TERM loan..........only 2356% APR
If YOU have too many debts, take out a SHORT TERM loan..........only 2356% APR
"I need stronger reading glasses as I am sure I saw 2356%, but that cannot be correct".
Mad, mad world (getting slightly madder).
29 March 2010, 05:36 PM
#5
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APR is a calculation invented to help people compare different loans from different companies on an even footing. The APR represents all interest, and importantly, any associated fees and can therefore tell you how much you're paying overall.
Payday loans are not the same as taking a large loan over a long period. They are a one-off payment of small amounts with a single repayment within a single month at a fixed charge, therefore the APR calculation looks huge.
So, if you have a poor credit history, if borrow £50, they'll charge you £14.75. This is less than the £20 most banks charge for going over the overdraft limit on your account.
If I lent a mate £50 for a month, I'd expect a couple of pints in return, which would be an APR of something like 500% and it's a lot better than actual loan sharks will charge.
It'd be different if someone was getting stitched up for £10k over 60 months at that rate
Payday loans are not the same as taking a large loan over a long period. They are a one-off payment of small amounts with a single repayment within a single month at a fixed charge, therefore the APR calculation looks huge.
So, if you have a poor credit history, if borrow £50, they'll charge you £14.75. This is less than the £20 most banks charge for going over the overdraft limit on your account.
If I lent a mate £50 for a month, I'd expect a couple of pints in return, which would be an APR of something like 500% and it's a lot better than actual loan sharks will charge.
It'd be different if someone was getting stitched up for £10k over 60 months at that rate
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29 March 2010, 09:45 PM
#8
Get a grip guys. Thankfully Notorious Rev understands the concept. This will make things a little clearer hopefully.
PaydayUK - Understanding our APR
PaydayUK - Understanding our APR
29 March 2010, 09:50 PM
#9
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They wont be making a huge profit as they will have HUGE defaults, no profits = no business. And as also already mentioned, the figure is misleading as it is a short term loan. Get a grip and think before posting your socialist drivel
Last edited by warrenm2; 29 March 2010 at 09:51 PM.
30 March 2010, 12:17 AM
#10
Wow, that beats "The Money Shop". It makes their 260.2% payday loan interest look like a bargain: The Money Shop | Cash 'til Payday | Payday Loans | Payday Advances | Cash Advances
Last edited by ALi-B; 30 March 2010 at 11:51 AM. Reason: where did that apostrophe come from :wonder:
30 March 2010, 11:14 AM
#12
WTF are you talking about?! As already stated, their policy is to loan to people who otherwise would be denied credit. They are regulated by the law ie not loan sharks who break your legs. They take a risk and hence need to charge high rates to compensate for that risk. Its idiots like you who call for banning things that make matters worse. What will happen if they get banned? Answer: more unregulated lending because the problem wont go away, just more people will use loan sharks. Having this company operating means more choice - a good thing!
They wont be making a huge profit as they will have HUGE defaults, no profits = no business. And as also already mentioned, the figure is misleading as it is a short term loan. Get a grip and think before posting your socialist drivel
They wont be making a huge profit as they will have HUGE defaults, no profits = no business. And as also already mentioned, the figure is misleading as it is a short term loan. Get a grip and think before posting your socialist drivel
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