ed
Member
Registered: 10th Sep 03
User status: Offline
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They're preying on the poor and stupid only for them to get into more trouble in future. It's not a business I'd personally get into. There's a shop up the way from my flat called Street UK Micro Finance - they seem to do the same kind of loans and are always full of scummers...
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Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
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Ians got this down to a tee. These loans are short term not long term and so APR is a stupid way to represent them. It would not supprise me if we soon saw a WPR which for short term loads would be a much more sensible way of doing it.
On Working Lunch they were discussing these and hihglighting all the other 'charger' that end up being way worse in terms of APR but because they don't express it as APR you never realise i.e. like Ians example.
Thier summary - for certain people these are the right thing to get but the important word is SHORT term
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Shane
Member
Registered: 10th Jan 04
User status: Online
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the credit card company i work for is 39.9%
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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quote:
Originally posted by Ian
Go overdrawn by £1.
Get charged £20.
Next day get paid and go back in to credit.
You've "paid back" £21 to borrow £1 for 1 day. I don't have the APR calculations to hand right now but that is rather more than that company.
[Edited on 25-12-2009 by Ian]
730000%
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Indeed - loads.
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