Warning Warning Warning

Savvysal

Hi everyone

I don't know if anyone has posted this already but I just saw an ad on TV this morning from QuickQuid.co.uk offering small loans to tide you over till payday - APPROACH with caution - better still not at all. The advertised interest rate from this company was 2356% APR !!!:eek:

To say I was gobsmacked was an understatement, I know there are people who can no longer source traditional forms of credit - me included, who might be tempted by the happy cheery style of ad - but think twice before you do that's all I'm saying.

If need be, if you are on low income you can apply for an interest -free budgeting loan from the DWP - it may not fulfil all your needs, but it is one way to try and start to sort your finances out.

Have a good day:D

ILW

It is for very short term lending, which makes the APR a meaningless figure.

Wutang_2

ILW wrote: »

It is for very short term lending, which makes the APR a meaningless figure.

Exactly, and most people can read

Savvysal

Just trying to help and no need for sarcasm Wutang Thanks

redpete

Savvysal wrote: »

The advertised interest rate from this company was 2356% APR !!!:eek:

If you borrow £10 from a mate, pay it back a week later and buy him a pint as thanks, that is equivalent to maybe 1300% interest, is that :eek:?

Or, if I'm at a cash machine that charges a £1.50 fee but I need the £50 now rather than walk 30 minutes to a free machine, that's the equivalent of 52560%.:eek::eek:

Matt16v

Interesting and very well put redpete!