Payday Loan Sites

MamaMoo_2

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

Take_it_like_a_man,_sonny

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.

arcon5

What would you propose they charge for a £1 loan?

roh999

why would you get a loan for £1 anyway?;)

MamaMoo_2

Not a clue. I'm quite amused that they actually offer a £1 loan.
Made me giggle anyway :P

Kite2010

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.