Highest APR - 461.6%!!!!!

gary773

Has anyone heard of a higher APR than that stated on the mobile money website (mobilemoney.co.uk).

They state their representative APR is 461.6%

Can this be correct and legal?

Farmerbob

Loads are more than that, Wonga is around 4214% APR, so it does not surprise me and its legal!

jd87

Oh not again. Yes it is legal. Much higher APRs are regularly seen.

APR = ANNUAL percentage rate.

You won't pay 461.6% interest because you won't be borrowing for a whole year.

CLAPTON

yes, several thousands

and

yes and yes

why are you shocked?

Apples2

have you been living in a cave OP?

It's near enough to Wednesday I suppose

paddyrg

You ask me to lend you £100 until next week, and agree to give me back an extra tenner for my trouble. Effective APR is around 14000% or something scary sounding.

Hotel rooms also sound scary at £36,500 a year (or £100/night), it is just you have to state an APR for loans, even if short term.

Enfieldian

I hope that you didn't hear this on the radio while you were driving OP, with OTT reactions like that it could have been fatal.....

paulmcerlean

gary773 wrote: »

Has anyone heard of a higher APR than that stated on the mobile money website (mobilemoney.co.uk).

They state their representative APR is 461.6%

Can this be correct and legal?

They dont lend over a year so the APR is an irrelevance.

aimingforadebtfreelife

But try https://www.auto-money.co.uk - you can borrow £5000 over a year secured on your car...

Wait for it....

You then pay £1126.32 a month and total payable £13540.04

APR 799.9 and this is a year :silenced::silenced::silenced:

blacksta

aimingforadebtfreelife wrote: »

But try https://www.auto-money.co.uk - you can borrow £5000 over a year secured on your car...

Wait for it....

You then pay £1126.32 a month and total payable £13540.04

APR 799.9 and this is a year :silenced::silenced::silenced:

What not just put the £1126.32 aside and buy the car outright - but i suspect people fall for this nonsense cause they have no common sense

nomoneytoday

There's one born every minute...