paulr

£1000 in your account within one hour.

Loan sharking in the 21st century.

zip106

Noticed it the other day.

At least they're honest.

what would scooby do

That's nothing - Wonga loans quote 4214%

Bargain..

TelBoy

Quick Quid avert, Freudian slip of the week

Beef

They're not intended for long-term (>35 days) loans, but regulations require them to display their interest rates as APR, which results in a bonkers APR figure.

http://www.wonga.com/money/is-this-apr-expensive/

PaulJC

iTrader: (1)

Bargain lol

Luan Pra bang

The loans are on daily rates though usually for a month or two thats why the apr rate appears so high.

jonc

Oh that's alright then, for a second I though the interest rates were really high. A one month loan of £400 only costs £129.48 through wonga.

Dr Hu

**** me - I'll lend you £400 for a month if I get £529 back after 4 weeks

jeez - I'm in the wrong game....

paulr

And why would you want a loan for a month ?

Jaybird-UK

Regardless of loan period their rates are verging on criminal. Sure, you may only borrow for a month, but they are loaning that money out every month so they ARE making over 4000% a year

Dedrater

Thanks for the tip, i just got £1000 in my account from them, but i don't understand, how do i make £129 on it now?

paulr

Transfer the £1000 into my account and i'll pay you £129. Sorted.

Anyone else want to make a quick £129 by the same method, contact me and i'll oblige.

Trout

iTrader: (1)

One of their biggest customers is Senor Berlusconi

Fat Boy

Bunga.com?

finalzero

avoid these companies like a plague, I fell into the trap and lost a lot of money before I was able to pull myself away from them.

It's perpetual and they just play on your greed and need each month.

Leslie

I just remember what has always been said about getting involved with moneylenders!

Les

Gear Head

iTrader: (2)

I think these companies are disgusting and should be forced to offer a more realistic rate. They can't just use the excuse that they can charge what they like as most of their customers have shocking credit scores.
They know that these people are then likely to default allowing them to charge them 2000% over a year as per their contract. How is it fair that a £100 loan becomes £2000 after 12 months? It is not like the company would have made anywhere near that amount of profit from investing £100 in the usual manner.

Just shocking, especially when they are allowed to advertise so freely.
'Short term loans are not recommended for solving long term financial problems.'

No sh*t!