Need a loan? Hows Typical 1355% APR sound!

wullie

fermi wrote: »

I saw that on their website the other day.

I was just checking for another thread on here about high APRs, but it was still .

It's there bold as brass!

Hello !! did anyone hear me lol....i've just borrowed £80 and ive got to pay £100 in one months time=minus £20. I clicked the link via cashback site Quidco and got £70 tracking.. Thats £70 minus £20 = £50 profit...seems a good deal to me...

Donners_2

OK it's a dreadful APR, but any thoughts on using Quidco for this one?

As mentioned, it would appear that for a loan of £80, you'll be charged £100 so a £20 loss. However, if you're getting cashback of £70 you'll be in profit of £50.

Is £50 worth all the spam and possible adverse effect on your credit history?

MrsTinks

wullie wrote: »

Hello !! did anyone hear me lol....i've just borrowed £80 and ive got to pay £100 in one months time=minus £20. I clicked the link via cashback site Quidco and got £70 tracking.. Thats £70 minus £20 = £50 profit...seems a good deal to me...

Sounds great... IF they pay you - take it you've seen the increase in Quidco complaints in the last few days about Quidco rejecting claims that have tracked right?
If it works for you then great - otherwise you just lost £20 I'm afraid...

AnnieTed

Hi I found one new lender in UK - Lending Stream. They are telling their APR is 1397.58%. Is this ok and legal?

TMoose

Legal - yes... OK - depends on whether you work for Lending Stream or not.

There is nothing illegal about charging exhorbitant rates of interest, especially if you are up-front about it... Whether people decide to take you up on that offer is entirely up to them.

Ethically, well, I'd have them all defrocked!