Welcome Finance

Realist

Hi,

By god, have you seen their new interest rate for unsecured loans:

Welcome Personal LoansTypical -- 64.1% -- APR

Thats daylight robbery.

If for example someone takes out the maximum loan of £8,500 the repayments are has follows:

Amount per repayment (£) 494.74
Total paid over the life of the loan (£) 23,747.48
Total interest paid during loan (£) 15,247.48

God help anyone thats thinking of using them and for one I think they are taking the pi$$ and advantage of the credit crisis.

Regards

Riq

Makes you wonder what is so important that you need to buy it there and then and not save up for it.

Realist

People have reasons to use such a company and circumstances may prevent them from saving or using a normal high street lender.

Not everyone in this country has the means and not everyone is the same.

Regards.

jonesMUFCforever

Believe it or not they are victims of the credit crunch as well!!

Where do you think they get the money to lend?

Answer is the money markets where the supply has almost dried up and what interbank lending there is, is being done at above base rates.

I fully agree that the rate is daylight robbery but there will always be some people desperate enough to take this on.

Realist

Exactly and I understand there will always be people out there that need there services, but its getting beyond a joke now.

My other gripe is the new car tax bands coming into force between now and 2010, madness.

Regards.

petermb_2

The chances are that this wonderful company is attempting to make the money out of their new customers to pay the compensation they are going to have to pay their old ones.

Realist

LOL

Made me smile and have a little laugh.

petermb wrote: »

The chances are that this wonderful company is attempting to make the money out of their new customers to pay the compensation they are going to have to pay their old ones.

Tassotti

Makes me laugh..My rate are 365% APR..Think yourself lucky!!!

inmypocketnottheirs

Tassotti wrote: »

Makes me laugh..My rate are 365% APR..Think yourself lucky!!!

I always think that there ought to be a warning on these threads 'Pompous Posting Alert!!! OMG, shock horror, how dare they, can they do this, is this legal' etc etc.

Some people will just never understand the economics of sub prime, and especially door step lending.

Realist

Wish I kept my gob shut now.

inmypocketnottheirs wrote: »

I always think that there ought to be a warning on these threads 'Pompous Posting Alert!!! OMG, shock horror, how dare they, can they do this, is this legal' etc etc.

Some people will just never understand the economics of sub prime, and especially door step lending.

petermb_2

inmypocketnottheirs wrote: »

I always think that there ought to be a warning on these threads 'Pompous Posting Alert!!! OMG, shock horror, how dare they, can they do this, is this legal' etc etc.

Some people will just never understand the economics of sub prime, and especially door step lending.

You are quite right alot of people dont understand, but that is why they need help, assistance and encouragement to get themselves out of the mire.

Life is tough enough.