Discussion
grumbledoak said:
SlimRick said:
Wonga - 4214% APR !!!!!!!!!!!!
There must be glove puppets clever enough to steer clear of that!OP, best of luck with the bank.
I've just checked and borrowing £400 until the 24th would cost £72, so until Monday may be even less. That isn't too bad in my opinion, especially as they lend money to people with bad credit history.
How much do you need? These guys do up to £500 for 'only' 199% APR.
http://www.flmquick.co.uk/
Still high interest rate compared to a highstreet, but a lot less than any other pay day lenders that I know about. They do need a guarantor though I think.
http://www.flmquick.co.uk/
Still high interest rate compared to a highstreet, but a lot less than any other pay day lenders that I know about. They do need a guarantor though I think.
Sarkmeister said:
Again, the APR isn't as relevant for loans of this length. I'd give an example but it's been done to death on here...
I've just checked and borrowing £400 until the 24th would cost £72, so until Monday may be even less. That isn't too bad in my opinion, especially as they lend money to people with bad credit history.
Indeed. Another example I heard was if you rent a DVD for £3 for two nights, that would be £547 per year... which is expensive but also irrelevant.I've just checked and borrowing £400 until the 24th would cost £72, so until Monday may be even less. That isn't too bad in my opinion, especially as they lend money to people with bad credit history.
grumbledoak said:
Mr Will said:
Borrow 20 quid off a mate for a week, buy him a pint to say thanks = Several thousand percent APR.
You don't have good mates. A floating £20 isn't unusual.I was using it as an example of how APR goes a bit screwy with short term, small value loans.
Ignoring the pints and mates for a moment, we'll stick to the figures.
Borrow £20 for one week. Pay back £23 at the end of the week. That is by no means extortionate, agreed?
The APR of that loan? 143213.7%
You are considering 'payment' as 'payment'. I wouldn't. For a floating £20 there is no interest or 'payment'; you just do it back sometime.
But people only really go to loan sharks for bigger numbers than that. And then APR is a good measure of how much it will cost you.
ETA- I think we may be in violent agreement.
But people only really go to loan sharks for bigger numbers than that. And then APR is a good measure of how much it will cost you.
ETA- I think we may be in violent agreement.
Edited by grumbledoak on Friday 6th May 15:53
Gassing Station | Finance | Top of Page | What's New | My Stuff