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Type of Loan Shark Advertised on Sky

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squidykins
squidykins Posts: 62 Forumite
in Debt-free wannabe
Was watching TopGear on Dave, when the adverts came up a company advertised called http://www.quickquid.co.uk, basically a loan shark, with typical 2356% APR. Surely this shouldn't be allowed. People don't seem to read the apr in small print. Don't fall for it.
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Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    They are a payday loan company - and the rates are fairly typical for such organisations.

    These are a legal type of loans sharks as they do have consumer credit licences.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    Have a read: http://www.moneysavingexpert.com/news/loans/2009/07/the-2356-apr-loan-firm
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • drc7741
    drc7741 Posts: 5 Forumite
    Hi I am having real problems with wonga in that they are charging me 60 pound interest overnight can anyone help me please I am on a dmp with the cccs thanks jeff
  • confused76
    confused76 Posts: 12,680 Forumite
    Part of the Furniture Combo Breaker
    yeah i heard a payday loan company advertising on the radio...doesn't seem right.
  • GeorgeUK
    GeorgeUK Posts: 7,737 Forumite
    Jeff if you are unable to pay off that wonga loan, your only option may be to try to get a more reasonable one from a credit union.

    As part of your agreement with CCCS, you agreed not to get any more credit but as you have already done so with the wonga loan you have already breached this. Just make sure that any loan you do get you can manage the payments for.
    After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91

    Dad Gift 6k ¦ Savings & Inv Tst: £2,500
    Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0

    Total Owed: £2,270 (+6k) 11/08/2011
  • patchwork_cat
    patchwork_cat Posts: 5,874 Forumite
    I saw this and couldn't believe my eyes, my 12 DD came in in the next add break and said 2356% WOW.
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