Quickquid

mangomangotree

I'm just watching TV and a commercial for quickquid comes on. I look over and see that the APR is 1734%. Surely, this is not right... Right?

RuthnJasper

mangomangotree wrote: »

I'm just watching TV and a commercial for quickquid comes on. I look over and see that the APR is 1734%. Surely, this is not right... Right?

It certainly is right! Sad but true...

Tea_Pea_Dee

If you think that is extortionate, check out wonga's interest rates

Borrowing: £265 + Interest & fees* £82.87 = Total to repay £347.87
Representative APR 4214% :eek:
*See representative example

Apples2

You must have been living under a Mango Tree if you think that is shocking enough to make a post about.

We used to get these daft posts on Wednesdays

mangomangotree

Apples2 wrote: »

You must have been living under a Mango Tree if you think that is shocking enough to make a post about.

We used to get these daft posts on Wednesdays

:money: I am in love with you.

mangomangotree

Tea_Pea_Dee wrote: »

If you think that is extortionate, check out wonga's interest rates

Borrowing: £265 + Interest & fees* £82.87 = Total to repay £347.87
Representative APR 4214% :eek:
*See representative example

Wow. That's bad. I guess people are so desperate they will do anything.

ihateyes

mangomangotree wrote: »

Wow. That's bad. I guess people are so desperate they will do anything.

short term money, high apr, but if its short term, its invaluable.....

Imagine this..... low on cash, planning to book holiday on payday.... you see in a shop window, a last minute holiday for dirt cheap..... you know the £300 deposit will secure the holiday, but you dont get paid for a week.

You have no other sources of funds..... wonga could lend you that £300, and you might pay them back say £320 or so in a weeks time, but you have got a really good deal on this holiday......

SHort terms loans will always have a high APR.... why would anyone lend someone £300 for even 30 days to got £3 back????

WOnga is raking it in as are quickquid.... you only have to see how many adverts they run on telly to see they must be making loadsa money to cover the costs....

mangomangotree

ihateyes wrote: »

short term money, high apr, but if its short term, its invaluable.....

Imagine this..... low on cash, planning to book holiday on payday.... you see in a shop window, a last minute holiday for dirt cheap..... you know the £300 deposit will secure the holiday, but you dont get paid for a week.

You have no other sources of funds..... wonga could lend you that £300, and you might pay them back say £320 or so in a weeks time, but you have got a really good deal on this holiday......

SHort terms loans will always have a high APR.... why would anyone lend someone £300 for even 30 days to got £3 back????

WOnga is raking it in as are quickquid.... you only have to see how many adverts they run on telly to see they must be making loadsa money to cover the costs....

I guess. I guess I'm one of those crazy people who don't book a holiday if I can't afford it. :rotfl:

ihateyes

mangomangotree wrote: »

I guess. I guess I'm one of those crazy people who don't book a holiday if I can't afford it. :rotfl:

unfortunately people generally buy stuff they cant afford...
and businesses always borrow to buy.... in most cases cos they dot have a balance sheet as it goes to scummy shareholders

dealer_wins

Wonga are cheaper than borrowing money off a mate until Friday then buying him a thank you pint.

tell_it_how_it_is

dealer_wins wrote: »

Wonga are cheaper than borrowing money off a mate until Friday then buying him a thank you pint.

How do you work that out? Wonga would charge £6.54 for as little as £100 for just one day. I'd take the pint option every time.

I'd be looking at somewhere new to drink your pints, if I were you.