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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.
Show More
Another person who doesn't understand APR ? Was it for a Payday loan by chance ?
That would almost certainly fall foul of the Consumer Credit Act on extorionate credit bargain grounds, I would have thought. What was the product?
From their site
Your loan's finance charge will be between £10 to £14.75 per £50 borrowed per pay period
Your loan's finance charge will be between £10 to £14.75 per £50 borrowed per pay period
So between 20-29% flat rate then ? Hardly extortionate is it. Using an Annual equivalent figure for short term lending is pointless.
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.
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.
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