Scott Posted February 10, 2010 Share Posted February 10, 2010 Anyone seen the adverts on TV? Was on Dave 2 minutes ago, absolutely shocking. They are advertising loans up to £1500 at an APR of 2356%. At first I thought it was a typo so I went to the website and its accurate. They offer to pay out an advance on your wages etc so the money is expected back to them in a few days, even so at that APR people could get in trouble very very quickly. £500 borrowed and not paid back over a year = £12280 and that doesn't even include the daily addition of the interest which is £32.27. Those figures multiply very quicky. £500 over 7 days is around £775 Quote Link to comment Share on other sites More sharing options...
supramkivcork Posted February 10, 2010 Share Posted February 10, 2010 Imagine taking a loan for a single conversion . Haha you'd be paying back the equivalent of an Enzo . Quote Link to comment Share on other sites More sharing options...
MrRalphMan Posted February 10, 2010 Share Posted February 10, 2010 Do they also come round and break your legs if you don't pay, or do you just lose something trivial, like your house? Quote Link to comment Share on other sites More sharing options...
caseys Posted February 10, 2010 Share Posted February 10, 2010 Do they also come round and break your legs if you don't pay, or do you just lose something trivial, like your house? Actually they break your house and reposses your legs We should undercut them and offer a bargain rate of 2000% APR maybe? We'd be minted. It's worse than those 'cash a cheque before payday' places. Quote Link to comment Share on other sites More sharing options...
Scott Posted February 10, 2010 Author Share Posted February 10, 2010 Actually they break your house and reposses your legs We should undercut them and offer a bargain rate of 2000% APR maybe? We'd be minted. It's worse than those 'cash a cheque before payday' places. Wonder what the banks would say to that business proposal I'm gobsmacked that they are allowed to get away with it to be honest. At the very least there should be a cap in place. Quote Link to comment Share on other sites More sharing options...
deathmonkey Posted February 10, 2010 Share Posted February 10, 2010 Bloody hell !! Quote Link to comment Share on other sites More sharing options...
Scott Posted February 10, 2010 Author Share Posted February 10, 2010 Just did a quick calculation. Correct me if I am wrong here. 2356% APR = 6.4548% Daily If the initial figure is £500 then after 7 days the calculation would be 500*1.065 to the power 7. This gives £774. The same method over 14 days gives £1207 The same method over 365 days gives £4114125138828 Pricey Quote Link to comment Share on other sites More sharing options...
The Raven Posted February 10, 2010 Share Posted February 10, 2010 They also state that is only to be used for very short term loans. However you can bet that 90% of people cant pay them back in the very short term Quote Link to comment Share on other sites More sharing options...
Ewen Posted February 10, 2010 Share Posted February 10, 2010 www. webuyanycarwebuyanyoldgoldweloananyonemoneyasseenonkackervisionchannels.com Quote Link to comment Share on other sites More sharing options...
Scott Posted February 10, 2010 Author Share Posted February 10, 2010 www. webuyanycarwebuyanyoldgoldweloananyonemoneyasseenonkackervisionchannels.com I don't think any of them charge £4 trillion for a £500 loan over 12 months to be fair. Its funny that I've missed out the £114 billion as just change, same for millions, thousands etc. Quote Link to comment Share on other sites More sharing options...
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