Why are Vanquis charging me £22.74 on a outstanding balance of £65?

planteria

so might J4M13 be wise to actually slightly overpay now, in advance of the next statement being produced?
i'm not used to this situation, so i'm not sure:think:

Chrysalis

pvt wrote: »

You're confusing what you paid back with what interest you paid. You always have to pay 100% of the loan back, even if the interest rate is 0%.

In your case, for a loan at 40% APR over 60 months, you would have repaid 232% of the original amount, so a total of 132% total interest.

I am not confused but it sounds like you are.

I mean there is now a cap on payday loan providers that the interest cannot exceed 100% of the loan. Yet why is there no such cap on the banks?

PeacefulWaters

Chrysalis wrote: »

I am not confused but it sounds like you are.

I mean there is now a cap on payday loan providers that the interest cannot exceed 100% of the loan.

You explained it terribly in your post.

Yet why is there no such cap on the banks?

Because most bank lending is medium-long term. Cap the interest at 100% and you close down access to credit over a term longer than three years for a large proportion of the population.

Chrysalis

so its ok to close down lending to the poor but not for the customers banks target?

seems a tad unfair to me, but whatever