Can anyone beat the APR on this loan?
Discussion
just popped into my inbox.........
Who are Payday UK
www.paydayuk.co.uk is the UK's leading online provider of fast payday loans, helping our customers with over 100,000 loans to date - repaid on your next pay day.
Our application couldn't be simpler, with no faxing of documents, your payday loan could be approved in seconds. Visit Payday UK today.
Typical 1845% APR
Get a Payday Loan fast! Apply online today
Who are Payday UK
www.paydayuk.co.uk is the UK's leading online provider of fast payday loans, helping our customers with over 100,000 loans to date - repaid on your next pay day.
Our application couldn't be simpler, with no faxing of documents, your payday loan could be approved in seconds. Visit Payday UK today.
Typical 1845% APR
Get a Payday Loan fast! Apply online today
tamore said:
just popped into my inbox.........
Who are Payday UK
www.paydayuk.co.uk is the UK's leading online provider of fast payday loans, helping our customers with over 100,000 loans to date - repaid on your next pay day.
Our application couldn't be simpler, with no faxing of documents, your payday loan could be approved in seconds. Visit Payday UK today.
Typical 1845% APR
Get a Payday Loan fast! Apply online today
Argos are doing this !Who are Payday UK
www.paydayuk.co.uk is the UK's leading online provider of fast payday loans, helping our customers with over 100,000 loans to date - repaid on your next pay day.
Our application couldn't be simpler, with no faxing of documents, your payday loan could be approved in seconds. Visit Payday UK today.
Typical 1845% APR
Get a Payday Loan fast! Apply online today
http://news.sky.com/skynews/Home/Business/Argos-An...
The Curn said:
Yes but they only lend money for 1 month, so you pay 25% interest. If you borrow £80 you pay back £100.
oh, that's ok then. lend money to people who obviously don't have a bean at a silly rate.call gordy and sluggy and give them the good news. this will bail the country out!
tamore said:
The Curn said:
Yes but they only lend money for 1 month, so you pay 25% interest. If you borrow £80 you pay back £100.
oh, that's ok then. lend money to people who obviously don't have a bean at a silly rate.call gordy and sluggy and give them the good news. this will bail the country out!
But I'd wager 95% goes to Messrs Lamber et Butler.
tamore said:
The Curn said:
Yes but they only lend money for 1 month, so you pay 25% interest. If you borrow £80 you pay back £100.
oh, that's ok then. lend money to people who obviously don't have a bean at a silly rate.call gordy and sluggy and give them the good news. this will bail the country out!
esselte said:
tamore said:
The Curn said:
Yes but they only lend money for 1 month, so you pay 25% interest. If you borrow £80 you pay back £100.
oh, that's ok then. lend money to people who obviously don't have a bean at a silly rate.call gordy and sluggy and give them the good news. this will bail the country out!
tamore said:
The Curn said:
Yes but they only lend money for 1 month, so you pay 25% interest. If you borrow £80 you pay back £100.
oh, that's ok then. lend money to people who obviously don't have a bean at a silly rate.call gordy and sluggy and give them the good news. this will bail the country out!
Legitimate lender of last resort for people who can't go anywhere else, with interest rates commensurate with the riskiness of the loan. I can't decide whether what they do is a valuable service for the truly desperate or simple exploitation. I suppose they're lending small sums over short periods to people with no security, and that if they were removed from the market the next stop is the unregulated loan sharks. Maybe a lifeline to people who live very close to the financial edge and who hit an unavoidable cost they can't meet in one month. Even so, not a business I'd sleep well making my living from.
I recall when I worked as a shelf stacker in Kwiksave when I was at college - they started off paying on a weekly basis and paid cash... in your pay slip, which for me wasnt an issue as I only worked weekends for £2.03/hr back then. Although for the F/T staff I'd be a little worried about carrying round so much readies..
Anyway they changed the process after 2 years of me joining to BACS - thank god - which the union got all nuts about and the constant sat lunchtime chat was oh i dont trust this BACS I want the cash in my hand not a few days late how will I pay the bills/have my beer money! Anyway as you'd expect it got through the union and worked fine fter 6 months noone even mentioned it - then came the biggy.... switching from weekly to monthly pay. The switch was difficult for many staff to the extent that for the first month they agreed to give interest free loans / pay advances. This never worked for the ones whod been there for years, so many ran out of cash a few weeks into the month as they just couldnt control their spending/budgeting.
Anyway they changed the process after 2 years of me joining to BACS - thank god - which the union got all nuts about and the constant sat lunchtime chat was oh i dont trust this BACS I want the cash in my hand not a few days late how will I pay the bills/have my beer money! Anyway as you'd expect it got through the union and worked fine fter 6 months noone even mentioned it - then came the biggy.... switching from weekly to monthly pay. The switch was difficult for many staff to the extent that for the first month they agreed to give interest free loans / pay advances. This never worked for the ones whod been there for years, so many ran out of cash a few weeks into the month as they just couldnt control their spending/budgeting.
In this thread yesterday I wrote
http://pistonheads.co.uk/gassing/topic.asp?h=0&...
So if I lend someone £100 knowing he gets his monthly pay at the end of the week and he pays me back £120 am I being usuary? Without that he'd need to dip into his overdraft and that would cost him over £30. If that money means that he can get his car through the MOT and carry on getting to work then surely its a good deal all round.
Now for a mate I'd just hand over the cash without a charge, but for someone I didn't know well I think a charge of £20 is minimal.
but if that's a charge for half a week, what's the APR for that? its huge, maybe 2000%APR, but on a short term loan in the circumstances described it seems reasonable to me.
Someone else calculated the APR for me
over 1 week = 1310363%
So a reasonable arrangement has a horrendous APR
http://pistonheads.co.uk/gassing/topic.asp?h=0&...
So if I lend someone £100 knowing he gets his monthly pay at the end of the week and he pays me back £120 am I being usuary? Without that he'd need to dip into his overdraft and that would cost him over £30. If that money means that he can get his car through the MOT and carry on getting to work then surely its a good deal all round.
Now for a mate I'd just hand over the cash without a charge, but for someone I didn't know well I think a charge of £20 is minimal.
but if that's a charge for half a week, what's the APR for that? its huge, maybe 2000%APR, but on a short term loan in the circumstances described it seems reasonable to me.
Someone else calculated the APR for me
over 1 week = 1310363%
So a reasonable arrangement has a horrendous APR
hairykrishna said:
Christ. A first I thought it was a comedy typo, 18.45% or similar.
You've got to be pretty desperate for cash before you'll give up a quarter of your next paycheck to get it in advance.
Or thick to give up a quarter of your paycheck when it is not a relevant figure in any way, shape or form You've got to be pretty desperate for cash before you'll give up a quarter of your next paycheck to get it in advance.
But the thing to remember is there is a min cost to the guy/bank offering the loan. The paper work the admin so on small amounts its a bloody high % - also as others have said this is the subest of sub prime debt x% of debt you take on will go bad and to operate as a business you need to make a margin else shut up shop.
This is why on Dragons den they want so much equity as so many of their punts fail so they need the ones which do work to cover all the ones which fail + give them a very good return - else why bother.
This is why on Dragons den they want so much equity as so many of their punts fail so they need the ones which do work to cover all the ones which fail + give them a very good return - else why bother.
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