Just seen that Quick Quid avert on tv, 1734% interest.
 

£1000 in your account within one hour.

Loan sharking in the 21st century.

Noticed it the other day.

At least they're honest. :lol1:

That's nothing - Wonga loans quote 4214%

Bargain..

Quick Quid avert, Freudian slip of the week :)

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/

Bargain :o lol

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

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.

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

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

And why would you want a loan for a month ?

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 :(

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?

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.

One of their biggest customers is Senor Berlusconi ;)

Bunga.com?

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.

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

Les

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! :rolleyes: