Cash Genie 2.5 trillion %

minieri

Just applied for a pay day advance with Cash Genie and was offered £150 as follows

"Amount of Credit: £150.00
Duration of Agreement: 4 days
Total Amount Repayable: £195.00 to be repaid on 26/02/2010
APR: 2,537,770,574,956%"

Does that actually say 2.5 trillion percent?

Wow

vaporate

Wouldn't it be cool if us savers could do the same lol the same pi$$ take interest rates

hullight

You still appled so can't be that bad

Wutang_2

vaporate wrote: »

Wouldn't it be cool if us savers could do the same lol the same pi$$ take interest rates

Ultra cool. Even cooler is the company helping out people (who comply to/with the rates on offer) looking for short term help.

_Andy_

Oh great - yet another sensationalist threads about high APRs for short term loans.

CHR15

APR is an ANNUAL percentage rate.

The example is a borrowing over 4 DAYS... Hardly a good comparison.

The APR is quoted "because it has to be" but it has no relevance to this short term loan. £150 plus 30% is £45

Enfieldian

Don't forget that they will take £20 off the loan for a same day transfer.

So, "borrow" £150, receive £130 and pay back £195.

Nice work if you can get it.

jd87

I'm pretty sure there must be a mistake in that APR number. Even for a payday loan it is unrealistic. Wouldn't it work out to a repayment of about £4000 (on £150 @ 4 days)?

Wutang_2

Although what is even cooler would be to have a default for £2,537,770,574,956

Anihilator

Enfieldian wrote: »

Don't forget that they will take £20 off the loan for a same day transfer.

So, "borrow" £150, receive £130 and pay back £195.

Nice work if you can get it.

and I wonder how many of these loans are defaulted on by the lovely members who post on here every day about unfair loans, unfair terms etc then refuse to pay it back or pay it back at £1 a year.

The rates are high because the risk is high.

Flearoy

Does anyone know if Cash Genie do savings accounts at that APR?