is this posible?

zimsabre

http://www.quickquid.co.uk

my brother borrowed £300..

i had a quick look at the site and :eek:

Typical APRs

Depending on the loan term, typical APRs will range from 1351.7% to 9889.3%.
For additional questions, please feel free to view the FAQs or Contact Us.

ive told him to beg borrow or steal to pay that £300 off ASAP.. he is jobless and in collage.. he is 18 years old (big mistake i think)

dannynixon

It states this so I think this is possible. Your brother signed up for this and needs to pay it off as soon as possible otherwise he will pay stupid interest

queen_of_leon

my god that's criminal!! he would have even been better off with a provvy!!

Scousebird_2

queen_of_leon wrote: »

my god that's criminal!! he would have even been better off with a provvy!!

I honestly thought this was a joke and I rant on about how extortionate the Provvy are...but this has dumbfounded me!!!

zimsabre

he only owes them £300 right now but is not working and i think the best thing to do is help him out here and pay it off and hope like hell he pays me back in time.

Rafter

That is a lot of interest, but it is a very small loan to someone with little income.

If you needed £300 urgently but could pay it back in a week, how much would you pay in interest?

£20 sound reasonable? Particularly as the loan company has to do paperwork, transfer the money to you, collect it back etc.

Well that £20 for a week is an APR of 2770%

I'm not condoning loan sharks, door to door loans, pay day loans or quickquid.co.uk in any way.

However, borrowing small amounts of money over short periods if you don't have a good income and credit history is expensive!

zimsabre, if you or your family can pay this loan off that would be great. Suggest you also enrole him on a moneyskills course at college so he will know better not to take this kind of cash again, without understanding the cost!

R.