Too much interest or usual amount?

marliepanda

AstroTurtle wrote: »

There is being financially savvy and then there's basic maths.


£225 x 18 = £4050


If someone is making a conscious decision to go and seek out a loan then it's on them to at least be capable of basic maths..

Sorry, I physically cannot stop myself :P

TadleyBaggie

Maybe AstroTurtle is Canadian...http://www.slate.com/blogs/lexicon_valley/2014/12/08/math_versus_maths_how_americans_and_brits_deploy_the_collective_noun.html

elle_may

AstroTurtle wrote: »

There is being financially savvy and then there's basic math.


£225 x 18 = £4050


If someone is making a conscious decision to go and seek out a loan then it's on them to at least be capable of basic math..


When we are going to stop spoon feeding people that the company is always wrong and that sometimes just sometimes, people are accountable for their own actions and decisions.

If some one is no good at math's then please take a calculator with you and check with the loan provider that the payment's are the same.I am pretty good at this in my head, but i do double check. We are all not financial savy and need help.

System

iolanthe07 wrote: »

No-one's mentioned morals

Well I'm mentioning morals. It is downright immoral to take advantage of people, who well may not be very financially savvy, with such a ruinous interest rate. Usury on this scale ought to be illegal.

Nobody puts a gun to their head, nobody forces them to sign up for it. Most if not all people have a mobile phone with a calculator where they can punch in the numbers and find out what the total they'll pay is, not that they have to bother because it will be on the loan agreement.

If they choose to ignore the fact they'll repay several times what they want to borrow because they're impatient, short sighted and only see the pound notes they'll have in their hand today that is their problem.