michael Posted November 20, 2009 Share Posted November 20, 2009 Just watching a bit of daytime TV and an advert for short-term "payday loans" came on: http://www.quickquid.co.uk/tv 2356% APR - how can that be allowed? Who goes for this kind of thing? If you need money that badly what the hell are you doing with a TV? Why are you at home? The website actually states 2222.46% so they are being a bit nicer today. *buys new car via quickquid* Quote Link to comment Share on other sites More sharing options...
JustGav Posted November 20, 2009 Share Posted November 20, 2009 Legalized loan sharking.... Guess this crap economy is good for some. Quote Link to comment Share on other sites More sharing options...
caseys Posted November 20, 2009 Share Posted November 20, 2009 Was on the news and they were trying to defend themselves saying it's just for very short term loans - i.e Quote Link to comment Share on other sites More sharing options...
bradleyh_15 Posted November 20, 2009 Share Posted November 20, 2009 they make there money off the type of people who are sat at home at this time of day with little or no education who don't know what apr is or don't read the small print! there is always someone stupid enough to fall for any thing like this! Quote Link to comment Share on other sites More sharing options...
SupraAyf Posted November 20, 2009 Share Posted November 20, 2009 The worst thing about such deals is that some people will sign the paperwork without knowing what 2356% APR means - poor sods!! Quote Link to comment Share on other sites More sharing options...
SimonT Posted November 20, 2009 Share Posted November 20, 2009 Isn't that a mis-print or something because surely that would mean if you borrowed £400 you would end up paying back thousands or is that actually the so called "deal" you are getting??!! Quote Link to comment Share on other sites More sharing options...
benkei Posted November 20, 2009 Share Posted November 20, 2009 Jesus H Christ! Quote Link to comment Share on other sites More sharing options...
Supranature Posted November 20, 2009 Share Posted November 20, 2009 If you borrow, say £500, then pay back, say £600/£550 2 to 3 weeks later, that would then equate to the outlandish quoted APR. An APR calculation is made by a highly mathematical equation, its not easy to do, or indeed comprehend. If you borrow £1000 off Barclays over a year and pay £1100 back, thats 10% to you and I, but the APR would actoally be about 25%... Quote Link to comment Share on other sites More sharing options...
michael Posted November 20, 2009 Author Share Posted November 20, 2009 Isn't that a mis-print or something because surely that would mean if you borrowed £400 you would end up paying back thousands or is that actually the so called "deal" you are getting??!! I didn't spend too much time looking but one example they quote on their site is that if you borrow £50 and pay it back next month you have to give them about £80. If you decide you can't afford it that month and spread the payment to the next one it goes up even more. Quote Link to comment Share on other sites More sharing options...
stevie_b Posted November 20, 2009 Share Posted November 20, 2009 I do feel sorry for those who try to live frugally but still need short-term loans to tide themselves over, but as bradleyh said there are those for whom keeping the the massive widescreen flat panel TV and the XBox and the PS3 and God knows what other consumer electronics they have lying around, is a priority above all others. If keeping them doesn't leave them with enough money to buy nappies for their quantititious offspring or multi-packs of strong supermarket lager, then a short-term loan it is. Quote Link to comment Share on other sites More sharing options...
stevie_b Posted November 20, 2009 Share Posted November 20, 2009 I didn't spend too much time looking but one example they quote on their site is that if you borrow £50 and pay it back next month you have to give them about £80. If you decide you can't afford it that month and spread the payment to the next one it goes up even more. That sounds entirely plausible, and those figures I imagine are not abnormal. That's how the short-term loans companies operate. Quote Link to comment Share on other sites More sharing options...
RedM Posted November 20, 2009 Share Posted November 20, 2009 Loans for the sort of people that watch daytime TV. Quote Link to comment Share on other sites More sharing options...
Kirk Posted November 20, 2009 Share Posted November 20, 2009 surely they cant get away with stuff like that at the tags Quote Link to comment Share on other sites More sharing options...
jevansio Posted November 20, 2009 Share Posted November 20, 2009 Hijack, who adds the tags???? Quote Link to comment Share on other sites More sharing options...
SteveR Posted November 20, 2009 Share Posted November 20, 2009 Hijack, who adds the tags???? OPs and mods/admins (can). Quote Link to comment Share on other sites More sharing options...
marbleapple Posted November 20, 2009 Share Posted November 20, 2009 I don't see the problem. If the APR was like 6% p/a then the company wouldn't make money. These are short term loans to paypal, not (as Michael suggests) loans to buy cars with. Quote Link to comment Share on other sites More sharing options...
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