39.9% APR Typical!!!!!!!!!!!
Options
Iamthesmartestmanalive
Posts: 681 Forumite
in Loans
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
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
0
Comments
-
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:
Shaz0 -
Just wait for someone to highlight Providents 177% APR :A
0 -
nomoneytoday wrote: »Just wait for someone to highlight Providents 177% APR :A
Oh my life:eek: really
Shaz0 -
is 177% actually legal?My signature has been removed by the authorities. If you have been affected by the issues raised in this signature, please contact the Action Line on 1-800-THEY-NICKED-MY-SIG.0
-
177% that's cheap
try http://www.bristol-finance.co.uk/Loans_and_Hire_Purchase.htm it's a bargain at only 401.4%:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money.0 -
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 stillRegards,
BigManTrust Deed - Discharged May 20120 -
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?"You were only supposed to blow the bl**dy doors off!!"0 -
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.0
-
Meh, what about borrowing between £500 and £50,000 at just 343.3% APR?
http://www.logbookloans.co.uk/
:rotfl:0 -
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% APR0
This discussion has been closed.
Categories
- All Categories
- 343.4K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.8K Spending & Discounts
- 235.5K Work, Benefits & Business
- 608.4K Mortgages, Homes & Bills
- 173.2K Life & Family
- 248.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards