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Nearly 100% interest on a loan!!!

w0od0o
w0od0o Posts: 2 Newbie
in Loans
Hi, I am looking for some advice on a loan i had nearly 3 years ago that was buy now pay later, when i have come to pay later the loan company have slapped on nearly 100% interest charge for not paying it off in the first 12 months, is this legal?

Any help on this is appreciated

Many thanks

Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If it is in their terms and conditions that you signed, then yes it is legal.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    Its equivalent to about 33% high but then high street banks are charging 25% or more.
    I'm afraid it always pays to read the small print before signing anything.
This discussion has been closed.
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