simplefast loans.co.uk - CAR LOAN WARNING!!!!

Hazzo

I had a spam email this morning from simplefastloans.co.uk using the trading banner of log book loans. The company offers loans against cars that are clear of finance; so I took a look --- whoa!!!!! 437.4% APR. If there is anyone out there that is so troubled that they have to seriously consider this, please please please STOP and GET HELP!!!! Please have a chat with someone; perhaps the CAB or an insolvency advisor?? before you lose complete control of your life.

ozogolo2

This company is criminal and should be stopped...I know of a family that has been destroyed by log book loans...as they in principle have taken practically all the money they lent out, seized vehicle due to interest not paid and still writing the couple to pay the individual interest..where is the protection from the government. This people prey on your vunerability and should be closed down....before they do more damage to desperate families..

nomoneytoday

APRs are skewed on short term loans and don't tell the whole picture, as they are based on a one year £1500 debt or suchlike. Buying a mate a pint for lending you £20 for a week is something like 1000% APR for example.

That said, loan companies at the subprime end of the market are there for a reason, and do advise their charges upfront, and have to earn a living and pay wages / commissions etc etc.

If you have a choice to borrow using an overdraft or credit card for short term debt then these examples will usually be a lot cheaper.