1355% Apr

thecount_2

Received this spam email today linking to http://loan-arrangers.co.uk/apply.html. I had a look out of curiosity and could not believe the charges. Some might think this is a good way to see the month out but beware, I think once you get into their grasp you will find it hard to get out.

wacko911

Get an overdraft

Astaroth

Here we go again....

These types of services though are offered to people that have no option as no one would give them an overdraft.

This is also where the APR system skews the truth as you borrow £80 and you have to pay back £100 in up to a month later... £20 is not that bad a fee considering the people they are lending to... they get the money instantly... no credit checks etc. But an APR has to be calculated as an annual figure based on a loan of £1500 (which this company dont even offer) including all fees/ interest etc.

Plutos_2

If someone is so desperate that they're prepared to pay this then this is just further indebting them. They say they don't run a credit check either, so really resonsible lending.

They take a desperate person who should really go to CCCS or the like, give them a bit of cash to see them through the month, then take their next paycheck as soon as they get it by standing order leaving them with nothing I take it?

Astaroth wrote:

Here we go again....

These types of services though are offered to people that have no option as no one would give them an overdraft.

This is also where the APR system skews the truth as you borrow £80 and you have to pay back £100 in up to a month later... £20 is not that bad a fee considering the people they are lending to... they get the money instantly... no credit checks etc. But an APR has to be calculated as an annual figure based on a loan of £1500 (which this company dont even offer) including all fees/ interest etc.

Gorgeous_George

The biggest 'APRs' are when the banks charge OD fee(s) and letter(s) for small transgressions into the red.

I just ask for a huge overdraft facility that I never intend to use to avoid the hassle when SOs and DDs are taken unexpectedly.



GG