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Scary Interest Rate
dursley92man
Posts: 2
Newbie
in Loans
Just seen an advert on TV for an instant loan company with an advertised interest rate APR of 99.9%.
Thought I had miss-heard so went back and played it again and sure enough it really is 99.9%.
Is that even legal?
0
Comments
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Yes, the FCA sets the cost cap at 100% of the amount borrowed, so assuming the loan is for one year and there are no other charges it is legal, but only just.0
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"Every Day" is a School Day Looks like they are offering over one year but i assume the APR then improves. To be avoided.0
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These sort of companies are really nothing more than legalised loan sharks.Still, the interest rate is better than that charged by The Kneecap Brothers, and if you default at least you won't find yourself forming part of the bridge support on the next motorway being built near you.1
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