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Payday Loan Sites

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Having read a lot about the extortionate rates that payday lenders charged, a friend and I came up with a challenge to find the highest APR possible.
I believe I have found it...
Repayment date 24.04.2012
Loan 1.00 £
Loan fee 5.06 £
To repay 6.06 £
Loan repayment extension cost
7 days 0.08!£
14 days 0.14!£
30 days 0.23!£
APR (annual percentage rate) 400412678822855047934033516098300622222019333190260640730118350503278703670657318268088509891589663503844802116751907035357625945531133058938778845625680598771417735936346459895875418966903486493233427607168195576933075363789158974321895327839438507444311964283877991819412319483176419328.00%

Courtesy of PoundAccess

Comments

  • Actually misleading! The charge is £5 for the credit facility, leaving £1.06 to pay. 6% interest is charged on the loan.
    At a day rate, that is about 1.7billion % apr.

    The chagre for a missed direct debit is £35, plus interest and other costs. That, for one day would be a damn sight more. Choice is simple. The fact that some consumer groups would have you belive that this loan would be wrong, is incredulous. Think, who wants the poor to stay poor, rather than the other way round.
    I hvae nt snept th lst fw mntes writg ths post fr yu t cme alng hre nd agre wth m!

    Cheers! :beer::beer::beer::beer::beer:
  • arcon5
    arcon5 Posts: 14,099 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    What would you propose they charge for a £1 loan?
  • roh999
    roh999 Posts: 2,264 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    why would you get a loan for £1 anyway?;)
    Im known as the 'Fixer' if you have a problem,come to me and i can fix it for you.
  • MamaMoo_2
    MamaMoo_2 Posts: 2,644 Forumite
    Not a clue. I'm quite amused that they actually offer a £1 loan.
    Made me giggle anyway :P
  • Kite2010
    Kite2010 Posts: 4,308 Forumite
    Part of the Furniture 1,000 Posts Home Insurance Hacker! Car Insurance Carver!
    I'm short of a quid this month, thanks for pointing me in the right direction. Now I can buy my pint of premium lager in the upmarket pub. :p
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