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Advise needed quickly on interest maximum amount.
What is the maximum interest that can be charged on a loan of £400 over 77 weeks ?
The loan company have this on the agreement . . . Interest is charged at a simple fixed interest rate of 207.6% per annum on the amount of credit for the term and is applied to the account, in full at the commencement of the agreement.
APR is 1,276.4%
Is there a maximum interest rate applicable that they can charge ?
Thanks for looking.
The loan company have this on the agreement . . . Interest is charged at a simple fixed interest rate of 207.6% per annum on the amount of credit for the term and is applied to the account, in full at the commencement of the agreement.
APR is 1,276.4%
Is there a maximum interest rate applicable that they can charge ?
Thanks for looking.
0
Comments
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No maximum, they can charge what they like - just as long as it's clearly stated in the contract you signed. That's a ridiculous rate though, right up there with the payday loan companies.
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As it is not a "short term loan agreement" AKA Payday Loan there is no cap on the rate they can charge, as long as it is all set out in the agreement anything goes.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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Don`t do it, look at other options, if its for bills, see if you can put them off till next payday, if its for food, there are many foodbanks out there, if its anything else, then it can wait without the need to borrow, please don`t do it.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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