Typical APR 399.7%

mapryan

I know this site is about saving money, but thought everyone might like to share my outrage:
http://www.greenwoodpersonalcredit.com/products.php

Reaper

Nice. That beats the previous highest find, a "mere" 177%

Clariman

It is a brand of Provident Financial, who have been well known for many years for their "provvy cheques" which assist some of the poorest and most vulnerable people to get some cashflow. I guess one could say that they provide a service, but that is most certainly an extortionate interest rate.

macca64

Amazing that they are allowed to charge that much.

Rafter

Remember these guys are doorstep lenders, have big losses and high staff costs etc which all get factored into the APR.

Question is, would you lend £100 to someone for a week in return for getting £103 back next week. So £3 interest if you like, but you have to go round and collect it.

Sounds extortionate? Well the APR is nearly 400%

APR just doesn't make sense for this type of lending. The whole question about whether people with limited means being able to borrow money like this being legal is a challenge for government. But if you needed to feed your kids, get a family member out of trouble or some other difficulty and could borrow £100 now in return for paying back £103 next week wouldn't you?

R

jakemuk

and whats this to with credit cards ?

mapryan

When I first started to post I was going to post details of a credit card they offered. However, I stumbled across the 400% thing and nearly fell off my chair.

So, apologies for being off-topic

Rgds

Mike

Robert_Sterling

I saw a program on TV a few years ago.
The loan was £50
You then had to make payments of £10 per week for 7 weeks.


One customer paid four instalments on time.
The fifth week she could not pay.
She was told she could borrow another £50 on the same terms.
She agreed to do this.
She was given £20 as £30 was needed to clear her earlier loan.
Then she had to pay £10 per week for £50.

Willie Russell's musical Blood Brothers, now in about its 17th year, is about a family in a similar situation.