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Legal interest rate

Interestrate
Interestrate Posts: 1 Newbie
in Loans
Hi. Does anyone know what the maximum interest rate that can be charged on a 36 mth loan with a licenced lender.

The loan amount is £3000 (poor credit file)

Comments

  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    There is none - whatever someone is foolish enough to sign up to.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Interestrate wrote: »
    Hi. Does anyone know what the maximum interest rate that can be charged on a 36 mth loan with a licenced lender.

    The loan amount is £3000 (poor credit file)

    Why don't you ask what your question really is? Presumably you have a high interest rate loan or have only been offered one at a high rate?
    Why not stop being vague and get to the point?
  • InsideInsurance
    InsideInsurance Posts: 22,460 Forumite
    10,000 Posts Combo Breaker
    There is a legal way they must calculate one form of interest (APR) and the APR must be displayed but it is up to the lender if they want an APR of 3% or 30,000%. Its really a bit misleading as the APR has to reflect fees as well as interest so to call it an interest rate isnt really right.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    Do you think you will even be offered a 3k loan with a history of not repaying your previous loans?
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    I think for you it would be 8 Squllion% APR over infinity
    "We want the finest wines available to humanity, we want them here, and we want them now!"
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