Highest interest rate ever?

Grade_A_Reject

I've seen some big ones but I've just applied for a Wonga loan of £1 for a day and according to the acceptance email the rate is........

Total amount payable £6.56
APR:
1,478,772,522,130,030,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000%

I've not bothered counting the noughts :rotfl:

In response to the "why" question, my cost will be £5.56 and Topcashback are offering £10.10 for an approved loan so *if* the cahback is paid I make about a fiver on the deal.

Hax

You should have saved this post for Wednesday

APR includes all costs associated with the borrowing. In this case, Wonga make a standard £5.50 charge for loan (admin costs, etc) which inflates the APR to this stupid value.

Grade_A_Reject

What's special about Wednesday?

I might phone them up and ask them to confirm the APR over the phone.

Consumerist

I made it 286 noughts as a percentage. Think my calc only just made it under an overflow error.

Hax

Grade_A_Reject wrote: »

What's special about Wednesday?

Wednesday seems to be the traditional "OMG look at the outrageous payday APR - they should be outlawed" thread day :rotfl:

paddyrg

Brilliant - although it is made up of 6p interest and £5.50 charges to stop idiots taking out loans of £1 being cost-effective ;-)

mostlycheerful

Grade_A_Reject wrote: »

I've seen some big ones but I've just applied for a Wonga loan of £1 for a day and according to the acceptance email the rate is........

Total amount payable £6.56
APR:
1,478,772,522,130,030,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000%

I've not bothered counting the noughts :rotfl:

In response to the "why" question, my cost will be £5.56 and Topcashback are offering £10.10 for an approved loan so *if* the cahback is paid I make about a fiver on the deal.

Far out. Groovy. I like it. Yes, give me some. Might be worth offering that to the Guinness Book of Records. Well, except that they're supposed to be rather snotty these days and often fail to include a lot of records. Maybe offer it to some of their rivals who do a better job of it. Yes, the gooners lot are supposed to be a bit flabby and out of touch these days. In fact maybe even some of the rags would like that, maybe try the Daily Hate and the Super Soaraway Sizzling Scum, you never know till you try. Let us know if you do.

Coveredinbees!!!!

what did you need the £1 for, couldn't you have saved up.

Enfieldian

After all that, I hope it tracks......