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  • FIRST POST
    • JetFighter
    • By JetFighter 9th Apr 18, 3:23 PM
    • 3Posts
    • 0Thanks
    JetFighter
    Too much interest or usual amount?
    • #1
    • 9th Apr 18, 3:23 PM
    Too much interest or usual amount? 9th Apr 18 at 3:23 PM
    Hello,

    I took out an 18 month 1000 loan with a monthly repayment amount of 225.

    6 months later I have found out the total amount I have to repay is 4000.

    The APR is 1008.5%

    Is this a usual amount? It seems a lot to repay.

    Thanks.
Page 2
    • AstroTurtle
    • By AstroTurtle 10th Apr 18, 11:33 AM
    • 127 Posts
    • 485 Thanks
    AstroTurtle
    No-one's mentioned morals

    Well I'm mentioning morals. It is downright immoral to take advantage of people, who well may not be very financially savvy, with such a ruinous interest rate. Usury on this scale ought to be illegal.
    Originally posted by iolanthe07

    There is being financially savvy and then there's basic math.


    225 x 18 = 4050


    If someone is making a conscious decision to go and seek out a loan then it's on them to at least be capable of basic math..


    When we are going to stop spoon feeding people that the company is always wrong and that sometimes just sometimes, people are accountable for their own actions and decisions.


    We don't give free passes to lack of knowledge in any other environment?


    Oh you didn't know you should insure your car? I'll get rid of these 6 points then....
    • marliepanda
    • By marliepanda 10th Apr 18, 11:49 AM
    • 5,468 Posts
    • 11,345 Thanks
    marliepanda
    There is being financially savvy and then there's basic maths.


    225 x 18 = 4050


    If someone is making a conscious decision to go and seek out a loan then it's on them to at least be capable of basic maths..
    Originally posted by AstroTurtle
    Sorry, I physically cannot stop myself :P
    • TadleyBaggie
    • By TadleyBaggie 10th Apr 18, 12:05 PM
    • 2,708 Posts
    • 2,052 Thanks
    TadleyBaggie
    Maybe AstroTurtle is Canadian...http://www.slate.com/blogs/lexicon_valley/2014/12/08/math_versus_maths_how_americans_and_brits_deploy_t he_collective_noun.html
    • elle may
    • By elle may 10th Apr 18, 2:18 PM
    • 198 Posts
    • 101 Thanks
    elle may
    [QUOTE=AstroTurtle;74139867]There is being financially savvy and then there's basic math.


    225 x 18 = 4050


    If someone is making a conscious decision to go and seek out a loan then it's on them to at least be capable of basic math..


    When we are going to stop spoon feeding people that the company is always wrong and that sometimes just sometimes, people are accountable for their own actions and decisions.

    If some one is no good at math's then please take a calculator with you and check with the loan provider that the payment's are the same.I am pretty good at this in my head, but i do double check. We are all not financial savy and need help.
    • Tarambor
    • By Tarambor 10th Apr 18, 2:21 PM
    • 2,687 Posts
    • 1,930 Thanks
    Tarambor
    No-one's mentioned morals

    Well I'm mentioning morals. It is downright immoral to take advantage of people, who well may not be very financially savvy, with such a ruinous interest rate. Usury on this scale ought to be illegal.
    Originally posted by iolanthe07
    Nobody puts a gun to their head, nobody forces them to sign up for it. Most if not all people have a mobile phone with a calculator where they can punch in the numbers and find out what the total they'll pay is, not that they have to bother because it will be on the loan agreement.

    If they choose to ignore the fact they'll repay several times what they want to borrow because they're impatient, short sighted and only see the pound notes they'll have in their hand today that is their problem.
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