Loans2Go question

Lamplighter

Deleted_User said:

There is never any "front loading" of interest.

You didn;'t take out a short-term loan but a regular one with a high APR. There's no breach.

The sooner you settle the loan, the more you will save. However you will inevitably pay more than you borrowed.

Thanks zx81 for your reply.
It's fascinating how they operate - my credit file shows a liability to the loan of the £6,000+ figure, rather than the amount borrowed - I guess this is what they refer to as "interest [...] is applied to the account, in full at the commencement of the agreement" (quoted from their documentation).
I fully appreciate that I'll pay more than I borrowed - I'm ok with that, as I expect to pay some interest for the privilege of using the money.  My question is whether that interest should be capped at 0.80% per day, or whether by only offering 18 or 24 month terms, they can evade this requirement and charge additional interest (as I saw with my £250 loan), even where the loan is repaid within a short term.  That would seem to be exploiting the regulations.

[Deleted User]

No - it's fully in line with the regulations.