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Is interest still charged on cancelled loan?

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Comments

  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Some of these payday loans advertised on the tv are at 1,747% APR:eek:

    Now it's really time these companies were outlawed or at the very least regulated.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • malkyh
    malkyh Posts: 1,085 Forumite
    Cell wrote: »
    In no way sticking up for the Payday loans rabble, but if you borrowed £50 off a mate and repaid it a week later and bought him a pint what would the APR be on that £3 pint?

    No idea, can't be as$ed working it out.

    I'm Scottish, if I borrowed £50 quid of a mate, he would get his £50 back a week later with no pint.
  • Cell
    Cell Posts: 585 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    If HE was Scottish you'd never get the £50 in the first place;)
  • skintandscared_2
    skintandscared_2 Posts: 2,781 Forumite
    McKneff wrote: »
    Some of these payday loans advertised on the tv are at 1,747% APR:eek:

    Now it's really time these companies were outlawed or at the very least regulated.

    I've seen a TV ad for one where the APR was over 5,000% :eek: and yes, I agree, it should be illegal!!
    DMP Mutual Support Thread member 244
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  • malkyh
    malkyh Posts: 1,085 Forumite
    Cell wrote: »
    If HE was Scottish you'd never get the £50 in the first place;)

    A fiver and a bottle of Buckie.
  • BackOnTrack
    BackOnTrack Posts: 574 Forumite
    skintandscared wrote: »
    I've seen a TV ad for one where the APR was over 5,000% :eek: and yes, I agree, it should be illegal!!

    And yet apparently if you go £5 over your overdraft limit with a lloyds account the charges are equivalent to 7,500,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000% APR.

    5000% seems a bargain compared to that.
    There's no sense crying over every mistake.
    You just keep on trying till you run out of cake.
  • Tixy
    Tixy Posts: 31,455 Forumite
    BackOnTrack wrote: »
    And yet apparently if you go £5 over your overdraft limit with a lloyds account the charges are equivalent to 7,500,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000% APR.

    5000% seems a bargain compared to that.

    I think you missed a 0 off :p
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • malkyh
    malkyh Posts: 1,085 Forumite
    skintandscared wrote: »
    I've seen a TV ad for one where the APR was over 5,000% :eek: and yes, I agree, it should be illegal!!

    As a typical payday loan is not taken over a year, this percentage rate is grossly exaggerated.
  • Tremour-88
    Tremour-88 Posts: 368 Forumite
    100 Posts
    malkyh wrote: »
    As a typical payday loan is not taken over a year, this percentage rate is grossly exaggerated.

    The rate is correct, but because there designed to be taken over 7-30 days its more along the lines of 10-30%
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