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Discussion Starter · #1 ·
Laura & I were watching Ice Road Truckers on Five when the adverts came on!

There was a loan company on there advertising... when I saw the APR I initially thought it was a mistype, so I had a quick look at the website...

Well... It wasn't a typo!!!!!

OMFG


 

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lol total rip offs looks like a payday loan thingy. you might as well use a credit card and there expensive enough
 

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The problem is though davo that people don't read. They see a slogan "consolidate your debts and suddenly be rich" and they sign up. Ther should be a law banning companies like the one above.
 

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people must do it tho! If you read the repayments schedule its scary, if u borrow like £500 they charge you something like £50 per £100 per day or something!? its madness!

There should be a law on it as they are just legal loansharks

c'mon storm do ya stuff
lol
 

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Discussion Starter · #6 ·
QUOTE(Glenster @ 30 Dec 2009, 12:51 PM) <{POST_SNAPBACK}>c'mon storm do ya stuff
lol

I am doing my stuff!! I am posting a warning on here not to use them !!!!
LOL!!!
 

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The problem is, is that they are giving as small amount of money to people for a short amount of time.

The people they are lending to, are going to be high risk, so that's why the APR has to be so high.

If you charged 10% on £100, that would be £10 in interest (IF YOU GAVE IT THEM FOR A YEAR!!!!!). I wouldn't give someone £100 for a tenner.

I'm not saying that APR is any way acceptable, but that's the reason it's charged like that.
 

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QUOTE(admire that @ 30 Dec 2009, 01:40 PM) <{POST_SNAPBACK}>The problem is, is that they are giving as small amount of money to people for a short amount of time.

The people they are lending to, are going to be high risk, so that's why the APR has to be so high.

If you charged 10% on £100, that would be £10 in interest (IF YOU GAVE IT THEM FOR A YEAR!!!!!). I wouldn't give someone £100 for a tenner.

I'm not saying that APR is any way acceptable, but that's the reason it's charged like that.
Spot on. It's because they're forced to show an annual rate when the loan is only intended to be for a short period of time to high-risk borrowers, and for small amounts of money.
 
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