39.9% APR Typical!!!!!!!!!!!

Iamthesmartestmanalive · 13 October 2007 at 8:01PM

Saw a car finance company today with this as their "headline" figure

Whilst I appreciate APRS show risk Id have to say once a loan reaches that sort of necessity for APR then it should be illegal as they are basically saying the risk is massive

budget_counsellor_shaz · 13 October 2007 at 9:14PM

Iamthesmartestmanalive wrote: »

Saw a car finance company today with this as their "headline" figure

Whilst I appreciate APRS show risk Id have to say once a loan reaches that sort of necessity for APR then it should be illegal as they are basically saying the risk is massive

I agree it is amazing that these rates have not been capped and made illegal. I feel very sorry for those that get sucked in by the sales hype:rolleyes:

Shaz

nomoneytoday · 13 October 2007 at 9:30PM

Just wait for someone to highlight Providents 177% APR :A

budget_counsellor_shaz · 13 October 2007 at 10:01PM

nomoneytoday wrote: »

Just wait for someone to highlight Providents 177% APR :A

Oh my life:eek: really

Shaz

jmarko · 13 October 2007 at 10:15PM

is 177% actually legal?

HappyMJ · 13 October 2007 at 10:21PM

177% that's cheap

try http://www.bristol-finance.co.uk/Loans_and_Hire_Purchase.htm it's a bargain at only 401.4%

BigMan · 13 October 2007 at 10:25PM

That's pennies

how about

Typical 1355% APR

http://www.paydayuk.co.uk/getting-started/our-charges.html

ok, max is a 30day loan, but still

maninthestreet · 13 October 2007 at 11:12PM

BigMan wrote: »

That's pennies

how about

Typical 1355% APR

http://www.paydayuk.co.uk/getting-started/our-charges.html

ok, max is a 30day loan, but still

Does anyone agree with the figure of 147359739444% APR for a 1 month overdraft of £5 with £25 charges?

Dylanwing · 14 October 2007 at 4:06PM

I will always defend The Money Shop (Only £13 per £100 - But you have to go to their shops) and Payday Loans. They offer a specific short-term product, and the charge is a fee, not interest. If they charged interest at 25%, the charge would be about £2 per £100 which would not even start to cover costs. And a £25 fee is better than incurring Bank charges at the above percentage.

ic · 15 October 2007 at 10:06PM

Meh, what about borrowing between £500 and £50,000 at just 343.3% APR?

http://www.logbookloans.co.uk/

:rotfl:

nomoneytoday · 15 October 2007 at 11:17PM

Dylanwing wrote: »

I will always defend (Only £13 per £100 - But you have to go to their shops). They offer a specific short-term product, and the charge is a fee, not interest.

Dress it up how you wish- 13% per month is not a "bargain" ... APR calculatons include fees as well as interest, and £13 per £100 per month is something like 300% APR !!

If you were to borrow the same £100 for one week with a £13 charge that comes out as about 57,000% APR

39.9% APR Typical!!!!!!!!!!!

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