is this for real???

fritz1968

i saw this company advertise on the telly this week on daytime tv!!!!

http://www.paydaybank.co.uk/fees.aspx

the fees advertised on tv where about 2435% a!!!!!!!!!

anyone else see it?????

good help us if this is for real!!!

the web site advertises 1355% !!!!!!

the crown prosicution service has jailed people who loan money at lower rates than this!!!!

CHR15

Not again :cool::cool::cool:

~Brock~

No, the Crown Prosecution Service has jailed people who lend money on an unlicensed basis and then use violence, intimidation and assault to get it back.

Never let the facts get in the way of a good story eh?

iolanthe07

This used to come up about once a fortnight, now it comes up about once a week. FACT: Licensed lenders can charge any APR they can get away with in this country.

CLAPTON

suppose you withdraw £50 from your credit card at a ATM
you will typically be charged a £3 fee plus interest at about 29%APR

so if you then pay the 50 back to the credit card the next day you have borrowed 50 for 1 day at £3 fee
this is an APR of 2290%

RobertoMoir

fritz1968 wrote: »

i saw this company advertise on the telly this week on daytime tv!!!!

http://www.paydaybank.co.uk/fees.aspx

the fees advertised on tv where about 2435% a!!!!!!!!!

anyone else see it?????

good help us if this is for real!!!

the web site advertises 1355% !!!!!!

I don't condone this kind of short term lending myself but consider that you're being quoted the annual rate for a loan that is supposed to be paid back in the short term. They're legally obliged to quote those big scary numbers even though they're not as relevant as you might think for this kind of loan.

fritz1968 wrote: »

the crown prosicution service has jailed people who loan money at lower rates than this!!!!

They may well have done. But it wasn't for their APR rate.