legal loan sharks 177% !!!! interest

suffolkb

The local paper has job adverts for doorstep agents for the Prov.I`m sick of being out of work,but I can`t sink that low.

Firsttimebuyer_4

I just went on their website and used the calculator to give me a quote for £500 over 23 weeks. The apr they gave me was 497.4%. That's four hundred and ninety seven point four percent!

And that's thei typical APR. I wond what they would offer you if you are not the typical customer they want.

Then again, the website has a button to click when you enter your details which says "If you do not know your post code click here". That say's it all i think.

lswwong

Perhaps this site could usefully do a special article on credit unions.

Provvy loans prey on/profit from the less fortunate and that already sounds unethical to me.

24skins

lswwong wrote:

Perhaps this site could usefully do a special article on credit unions.

Provvy loans prey on/profit from the less fortunate and that already sounds unethical to me.

This is a great idea Iswwong, maybe you could suggest it to Martin through the feedback forum. I'm sure I saw a thread in there about what articles we would like to see in the future.

lswwong

Thanks 24skins and will do.

Credit unions are classed as mutuals so any profits (modest in most cases) they make benefit their members. The loans they typically make are also small too (less than £1K) so it has got to be better than going to Provvy!

I was reading about the latest Nobel Peace Prize winner (the founder of Grameen Bank in Bangladesh) who pioneered "micro finance" and felt really empowered by the concept. May be a combination of personal finance education as advocated by Martin and availability of micro finance will help those people who need them.

freebird65

Awful isn't it....I got one of their letters a while back and posted about it on the DFW board - link below (if I've done it right).

Unfortunately it's always the most vulnerable who end up having to use these people.

http://forums.moneysavingexpert.com/showthread.html?t=246147