We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Apr 2356%
Comments
-
As someone who has screwed up with payday loans.....
APR is not nessecarily an interest rate. What these companies offer is a loan in exchange for an arrangement fee - they do not as a rule charge interest.
When a loan is not paid back as there is no interest stipulated the companies cannot charge interest, they can however charge default and late fee's. I had a series of reoccuring loans with both QQ and Wonga when things went seriously screwed up with my life last year (all cleared now) and aside from them being awkward sods to deal with and not accepting repayment plans before farming the debt to a DCA they were not entirely unreasonable with their charges for my screw up. Hardly in the same league as illegal loan sharks.....Proud of who, and what, I am. :female::male::cool:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards