Apr 183.2 % !!

Snooze

CLAPTON wrote: »

because you are not paying 204 interest on 300 loan for a year.
you are paying 204 interest on a weekly declining balance so after half the year has gone by you only owe about 180 etc.

Can you give me example with some simple figures so I get the gist of how it works?

Let's say you borrowed £1000 and the APR was 100% on the same repayment period, ie. 56 weeks. What would that work out at per week/in total?

Rob

Graeme7777

You can calculate the APR in Excel using the IRR function. Set up a column of data with -300 in the first cell followed by +9 in the next 56 cells. Then use the IRR function and annualise the result by raising it to the power of 52 because they are dealing with weekly payments. I get 183.24%.

The money owed is being charged an interest rate of just over 2% per week. That compounds to an annual rate of 183%.

clio

you watch , Provident will be sold of and bought by MBNA and with in week put the apr up even more lol.. \00/

PROLIANT

clio wrote: »

you watch , Provident will be sold of and bought by MBNA and with in week put the apr up even more lol.. \00/

Hoew lad, where ye been like?

archers_addict_2

my daughter has just asked her bank A&L for a consolidsation loan (she wouldn't listen to me) . They passed her on to another credit provider who would give her a loan at 64% apr! She has never been overdrawn or had any problems but wanted to clear catalogue debts. I think this is a terrible thing for a bank to do. She is a single mum who only works 16 hours a week.

clio

Alreet matey , seeing as it,s been nice dry weather i've been out on the bike
for the last few nights.

PROLIANT

archers_addict wrote: »

my daughter has just asked her bank A&L for a consolidsation loan (she wouldn't listen to me) . They passed her on to another credit provider who would give her a loan at 64% apr! She has never been overdrawn or had any problems but wanted to clear catalogue debts. I think this is a terrible thing for a bank to do. She is a single mum who only works 16 hours a week.

Try HSPF(home shopping personal finance) from kays or littlewoods, I have a pap credit rating and they gave me a [EMAIL="£2000@22%"]£2000 @ 22%[/EMAIL] APR and it is underwritten by the Bank of Scotland, look on the web site at the bottom for a link called "Your Money". Give them a go.

PROLIANT

clio wrote: »

Alreet matey , seeing as it,s been nice dry weather i've been out on the bike
for the last few nights.

I have been out every day on my bike, cycling around Newcastle etc, on holiday from work this week. Howz you anyway?

clio

MR P
See bartons in the boob lol doing 6 months.

clio

I,m champion MR P cheers for asking, don,t take the bike anywhere near Kenton they'll have it stripped down pronto lol...