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03 Dec 09
10:53
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Date Joined:
04 Apr 03
Just saw advertised on SKY news channel.
Honesty in advertising but taking advantage of people.
Loan sharks offer better.
Honesty in advertising but taking advantage of people.
Loan sharks offer better.
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Replies: 9
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Another person who doesn't understand APR ? Was it for a Payday loan by chance ?
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That would almost certainly fall foul of the Consumer Credit Act on extorionate credit bargain grounds, I would have thought. What was the product?
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Co-op savings account?
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quick quid
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Faaaark!
http://www.quickquid.co.uk/ |
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From their site
Your loan's finance charge will be between £10 to £14.75 per £50 borrowed per pay period |
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So between 20-29% flat rate then ? Hardly extortionate is it. Using an Annual equivalent figure for short term lending is pointless.
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why?
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Where people get caught out:
Borrow £100 quid Service £25 between now and the next pay day. = 125 owed Pay back £80 with £45 left Money goes towards £25 service first so whole amount not paid Next pay cheque owe £45 + 25 = 70 Pay back 70 Two months 100 borrowed....150 paid back. |