2sides2everystory wrote: »
Well I am for interest rates always being quoted as APR.
I am not sure the Romans did, but either way I reckon "8%" is as much a disincentive for "companies" who wish to become moneylenders as it is for people who think they really need £100 now. Anyone who really needs £100 now in the UK needs to learn how to beg or turn up at the correct soup kitchen.
We don't want them to get the idea that wanting £100 now is a normal vocation which they solve (for now) by pressing the buttons on their £500 iphone, now do we?
I always reckon that any APR interest charge that is over double-digits is already in shark country.
If you can't create a business that guarantees a profit without hammering customers who don't default then you don't have a business, you have a racket.
RobEssex wrote: »
The company FLM quick run at 199% APR - they seem to be doing alright? - perhaps because they also have personal loans capped at 49.9% APR - that's possibly bringing in the profits.
Four million customers affected
Up to 1.7% fixed or 0.6% easy access
Flavourly newbies only (norm £70ish)