Shopacheck 440.3% APR???

BFG_2

People Who Put A Capital Letter At The Start Of Each Word Annoy Me....almost As Much As People Who Type In Capitals

vickyj

We shared our christmas party location with the shopacheque folk last sat and we spent the entire evening calling them loan sharks.
But thuer staff did not seem overpaid by a long shot and as a group of people seemed quite nice (even the girl that kept trying to grab my bottom)
just thought i would put a human face on the monstorous APR

THE_LONE_RANGER_4

BFG wrote:

People Who Put A Capital Letter At The Start Of Each Word Annoy Me....almost As Much As People Who Type In Capitals

if thats all that annoys you then life must be great

THE_LONE_RANGER_4

vickyj wrote:

We shared our christmas party location with the shopacheque folk last sat and we spent the entire evening calling them loan sharks.
But thuer staff did not seem overpaid by a long shot and as a group of people seemed quite nice (even the girl that kept trying to grab my bottom)
just thought i would put a human face on the monstorous APR

yes there staff are not that well paid 12k ish seems to me id want to get a better job that is a bit more palletable to decent folk

slenderkitten

i saw on there website today that its 246.5% APR typical so where that 440% figure has come from i dont know.

On the leaflet i got today it doesn't even mention interest rate so anyone can be tricked into this so easily without even realising it.

dmg24

slenderkitten wrote: »

i saw on there website today that its 246.5% APR typical so where that 440% figure has come from i dont know.

On the leaflet i got today it doesn't even mention interest rate so anyone can be tricked into this so easily without even realising it.

The OP posted in 2006, so it could have changed since then (still pretty :eek: :eek: :eek: - couldn't find a word bad enough for it!)? x

Freddie_Snowbits

THE_LONE_RANGER wrote: »

Shopacheck, Provident,and These Car Loan Companies Along With Cash Chequeing Shops I Hate All Of Them It Shouldnt Be Allowed But Is We Managed To Close One Shopacheck Down N Our Town They Moved Over To Telford The Credit Union Had A Lot To Do With That , You Need To Educate People That These Companies Will Keep You In Debt For Years And Must Be Stopped , These Car Adds On Tv Also Wind Me Up The GarAges Sell You Crap Its A Disgrace

Where there is a need , there is a supply. People will always have to get 'cheap' money, to survive, and companies like this are probably more adept at providing a social need, than the dole or charity are. But let us take a look. The cheaque cashing facility is not going to survive on £1.50, but will on £5 to £10 for a £100 cheque. Now, an unauthorised overdraft is about £30, plus penalties, which is cheaper?

If you force these comjapnies off the streets, then there will be more in need, than now. But agains, there are some fools who will always part easy with their money.

maz1964

hiya all, ive taken interest in this debate and i totally agree , unfortunately, its a sign of our times,,, but i wanted to say no one has talked about credit unions, ive joined mine from last year when i had started to really think of our debts, and so had started to save and my husband took out a loan and we are saving and paying back on his too, i just wanted to check it out for myself, and im really impressed. ive set up a standing order each friday pays the loan and pays into our savings, after 13 weeks of continious or even if you have missed a week no worries, they just want to see a regular savings effort. you can apply for a loan first one can only be twice your savings pay that back which we did, and then the next one could be upto 4 times your savings and the interest at 12% annum but im noticing about 1 percent on the balance at the end of each monthly calculation. Thus whilst comparing it to agaist my credit cards its a great deal. Also more im paying back on the loan, the 1% of course is only against the balance so more money im creding to the loan the quicker being paid off and less interest. So for me and my own investigations im finding this a very good alternative to these companies above, so go and investigate for yourselve your own councils will let you have information.

Have a good day ciao maz

superscaper

I haven't looked at the specific product mentioned but as a previous poster said APR's can be extremely skewed if it's merely a short term loan etc. For example if you desparately needed £100 that day but your pay packet was tomorrow and you got charged £5 for the emergency loan for the day (which isn't unreasonable for covering whatever overheads and admin the loan shark has ). That does actually work out to be more than 200% APR. But since you're not talking in terms of years or even necessarily monthly repayments I don't think the APR quote is the be all and end all of financial measurements. It depends on the circumstances. In some cases 10% APR is outrageous and in others 200% is fine.

maninthestreet

THE_LONE_RANGER wrote: »

if thats all that annoys you then life must be great

Where did you learn to write?? Basic grammar dictates that the end of a sentence is denoted by a full stop, and that the first word of a sentence begins with a captial letter. It's only proper nouns that begin with a captial letter if they are not the first word in a sentence, not any other words. English works this way so you know where one sentence stops, and another begins. I learnt all this when I was 5 years old. In addition to this, surely it's far more difficult to type if every single word typed starts with a capital letter??