OMG is this for real???

LookingAhead

Oh my GOD. That's a bl**dy disgrace. If anyone out there is that desparate to take a loan at that rate and who may just be reading this thread.....please.....GET ON HERE and tell us your situation before approaching these bloodsucking, evil people.

all_hours

:eek:

That's outrageous!

mummyyummy_2

and i also know for a fact they dont offer to lend you more money a few weeks down the line like so many of you assume. Yiou gotta be with them at least a few months, and even then, you gotta pay off your first loan before they'll give you another one......look at yourselves

are yous the fortunate ones???

GreyPilgrim

I would say "they need a good slap", but I got crucified last time I said it and accused of advocating spousal abuse.

So I wont

lazy&indebt

EEK!
Mummyyummy are you having a laugh?!! This is irresponsible lending at it's worst - they might be great at not charging you extra if you keep missing payments but if you can't make payments on time and in full, you should'nt be getting credit in the first place! Not going to people like this! This is ridiculous! What you need to remember is some people aren't clued up on APRs (I know at one point I wasn't) and they wouldn't understand just how how the interest rate on this loan is! It's disgraceful they can charge this much and cannot belive they have customers!

freebird65

A good point mummyyummy.....and yes, my first reaction was to that interest rate, but it's also unfair to say I have my nose in the air just because I'm lucky enough not to need the services of such a company. It's good that there is a company that will help people who aren't able to get credit from mainstream lenders, but surely they can still run a profitable business at lower interest rates? I accept that my first reaction to have them closed down was extreme, but my concern is that there are people who, unlike you, are never able to pay their loans back and end up in an ever increasing circle of debt because they take out new loans to try and pay back the previous one. We all know its easy to get into debt, and very hard to dig yourself back out!

lazy&indebt

GreyPilgrim wrote:

I would say "they need a good slap", but I got crucified last time I said it and accused of advocating spousal abuse.

So I wont

i will say it then...they need a good slap!

postingalwaysposting

Loan amount
£ 500.00

Weekly repayment @ 23 weeks
£ 32.00

Total amount payable
£ 736.00

Typical APR
497.4% :eek:

:mad: how can these people live with themselves, i certainly wouldnt, but the problem is so many people use this 'service' thats why they are still in business.....

all_hours

If they take high risk borrowers - I suppose they charge more to counter the ones that end up a bad debt and don't get repaid?

seven-day-weekend

Is this the same Provident 'cheques' my mum used to have when I was a littlle girl in the 1950s? She used to have them to buy furniture etc with. She liked them because the man came to the door and you could pay weekly for your 'cheque' and then go and get your furniture and she said 'it saved you having it on the hp' as you gave your 'cheque' in and the item was paid for there and then. (Don't know why she just didn't save the fiver a week up).

I know there were not ther same amount of credit facilities around in the 1950s, nor were ordinary people so financially 'savvy', but I think now things are different.

I can see that for some people they are an (apparently) easy no-hassle way of getting credit, but those APRs are totally over the top. There is no need to charge that.