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

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Iamthesmartestmanalive
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
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  • budget_counsellor_shaz
    budget_counsellor_shaz Posts: 357 Forumite
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    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
    nomoneytoday Posts: 4,866 Forumite
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    Just wait for someone to highlight Providents 177% APR :A

    :)
  • budget_counsellor_shaz
    budget_counsellor_shaz Posts: 357 Forumite
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    nomoneytoday wrote: »
    Just wait for someone to highlight Providents 177% APR :A

    :)


    Oh my life:eek: really:confused:

    Shaz
  • jmarko
    jmarko Posts: 4,137 Forumite
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    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.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    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:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • BigMan
    BigMan Posts: 132 Forumite
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    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
    Regards,

    BigMan
    Trust Deed - Discharged May 2012
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
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    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?
    "You were only supposed to blow the bl**dy doors off!!"
  • Dylanwing
    Dylanwing Posts: 2,015 Forumite
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    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
    ic Posts: 3,291 Forumite
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    Meh, what about borrowing between £500 and £50,000 at just 343.3% APR?

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

    :rotfl:
  • nomoneytoday
    nomoneytoday Posts: 4,866 Forumite
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    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
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