Trouble with a Payday Loan Provider

jaydeeuk1

paybybuttons wrote: »

Ok i was thinking of taking one of these pay day loans out the other day, and this is the offer that SWift Money sent me:

KEY FINANCIAL INFORMATION
Amount of Credit: £ 125.00 (including a transfer fee of £25)
Duration of Agreement: 11 days
Total Amount Payable: £ 162.50 to be repaid in a single payment on 28/09/2010 (the Payment Date)
Annual Percentage Rate: 607247.46%
OTHER FINANCIAL INFORMATION
Total Charge For Credit: £ 37.50 (comprising interest of £ 37.50)
Interest is charged at the rate of 996.14% per annum, pre-computed and applied on the date of this agreement.
Please Note: The total charge for credit includes interest applied to the Transfer Fee.

OK SO BARING IN MIND THE LOAN WAS FOR 125, I WOULD RECIEVE 100 OF THT AND THEY WERE CHARGING ME 25 QUID JUST FOR THE PRIVILIGE OF PUTTING IT INTO MY ACCOUNT FOR ME!! I WAS LUCKY IN THE END AS SOMEONE WAS ABLE TO LEND ME SOME CASH UNTIL I GET PAID. I FELL SHORT THIS MONTH AS MY SISTER HAS HAD TO HAVE EMERGENCY OPERATION RELATING TO HER BREAST CANCER AND I HAD TO GET MY MUM ON A FLIGHT OVER TO OZ! ALL I AM SAYING IS THAT EVERYONES STORY IS DIFFERENT AND ALTHOUGH WE SHOULDNT GET OURSELVES IN WITH THESE PEOPLE, I WOULD HAVE GONE TO ANY LENGTH TO GET MY MUM OVER TO OZ


apologies for the caps

Ouch.......

paybybuttons

jaydeeuk1 wrote: »

Ouch.......

Think Arthur Daley might have felt a bit guilty charging someone that!!

barneygumble

Do they have a purchasing department, got some lovely !!!!!! Turpin replica outfits going cheap.

callistris

michael1983l wrote: »

Please do not state that some people use them responsibly to me as I have heard it all before.

I've used them responsibly and will go on like that each an everytime I need to, although I am probably in a minority;)

michael1983l

callistris wrote: »

I've used them responsibly and will go on like that each an everytime I need to, although I am probably in a minority;)

Yes you probably are in a minority and as you seem to be able to manage your finances correctly, why don't you just use a credit card with a hugely lower APR.