Shopacheck 440.3% APR???

Phoenixx73

Oh great, a grammar debate.

*officially loses interest in this thread*

riggs_2

myrnahaz wrote: »

It's certainly true - although that would be just the starting interest rate - it escalates each week thanks to some friendly persuasion by the agents. My sister borrowed £100 from these crooks and was quoted a figure of £160 if she paid it off in 3 months, but each week, the collector would call (my nephew called her 'our friend Kate') and, if sister couldn't afford the £5 repayment, lovely old Kate would smile and say 'no problem, I'll just add it on...' she never explained that extra interest would also be added. How diabolical is that? It would have taken her decades to clear the debt if we hadn't stepped in. These companies justify their charges by saying that they take a huge risk in lending to people who have no credit score and so wouldn't be able to borrow from a normal source, such as a bank.

shopacheck do not add interest on if a payment is missed,the interest is put on at the start of the agreement and the outstanding balance comes down every time a payment is made.if a payment is missed it stays the same.

hollydays

riggs wrote: »

shopacheck do not add interest on if a payment is missed,the interest is put on at the start of the agreement and the outstanding balance comes down every time a payment is made.if a payment is missed it stays the same.

Unfortunately "we do not charge for late payment" is the only "good" thing you can say about shopacheck.

They target the most vulnerable.not nice.

kuohu

Blimey, thread resurrection of the week!

riggs_2

hollydays wrote: »

Unfortunately "we do not charge for late payment" is the only "good" thing you can say about shopacheck.

They target the most vulnerable.not nice.

not true ! they have always helped me in the past when my only other option was a dodgy loan shark. if ever i have struggled they have given me time and never put pressure on me, in fact the local agent on my estate is very popular and often gets invited to weddings funerals birthday partys and stuff like that.he always understands peoples circumstances and the bad press this company gets is unfair in my eyes.

foxxymynx

The sad thing is these legal loan sharks prey on people when they're most vulnerable and need money most.

Pound

superscaper wrote: »

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.

I think that's what they claim to be aiming their services at, like a similar "Pay Day Loans". I can't help wonder if they're really aiming their services at people who can't manage their money and end up taking a long time to pay it back whilst a huge amount of interest is building up.

durham_girl

riggs wrote: »

not true ! they have always helped me in the past when my only other option was a dodgy loan shark. if ever i have struggled they have given me time and never put pressure on me, in fact the local agent on my estate is very popular and often gets invited to weddings funerals birthday partys and stuff like that.he always understands peoples circumstances and the bad press this company gets is unfair in my eyes.

Now be honest...

You're the local rep aren't you? If not, you're definitely involved with them.

Why else would you bump old threads to defend a company like this?

hollydays

They like to target people on benefits,because they know there is a guarenteed amount coming in each week.

Ha ha-the local loan shark is very popular,the best kind of friendships aren't bought.

maddison-4700

I work as an agent for Shopacheck, this is the 3rd doorstep loan company i,ve worked for and i,ve done this for the last 9 years. These are the FACTS not urban myths.
Borrow cash or vouchers 100.00 total to repay is 160.00
thats 32 weeks at 5.00 per week apr 399.7
whilst 60.00 per hundred interest is high you have to take into account the following. FACT; There are never, ever, under any circumstances any other charges to the customer. FACT; they dont charge for short payments, missed payments, arrears, letters, visits, phone calls, nothing... EVER.
Now your high st bank will charge about half of our interest, approx 30.00 per hundred. Miss or reduce just 1 payment to them and see how much that adds up to.... miss 2 then its more expensive to borrow from them..
FACT; In 9 years i have never seen any customer,under any circumstances taken to court by any of the 3 companies i,ve worked for.
FACT; There is a lot of letters sent re missed payments, reduced payments and arrears, however Shopacheque are legally required by the FSA to send these to advise the customer the effect this may have on their credit rating
FACT; i currently have a customer who had a 32 week loan which has now run for 128 weeks, costs added, zero, nill nout.
FACT; because we tend to lend to the most vunerable section of people, people on low incomes, benifits ect the FSA inspects our working practises, paperwork re compliance and how customers are treated far more often, and are far tougher on us than other types of lenders..
There are many things Shopacheck could do better, but some things people say or think are simply not true..