These adverts for instant loans on TV...

[Ved]

Working from home today so naturally have Dave on in the background with TG repeats on. During the adverts there are lots of companies promoting these payday loans. Now I'm admittedly in a privileged position not needing such people to prop me up but the APR on the loans are nearly 2500%!!!

How can any government allow this type of daylight robbery to go on? Surely it's just praying on the weak and the real money is only benefitting on party in the long run. If I remember there was an episode of The Secret Millionaire who I initially thought was a top bloke, until it came out he was behind a similar type of business.

If anyone on here has or is using one of these services my heart does go out to you as it must be a last resort but FFS it boggles the mind how the people behind these companies sleep at night.

[Ved]

durbster said:

Yep, it's an annual rate calculated for a short term loan.

I know what APR is, I just find it amazing they're doing this. No doubt many customers will not be able to pay it back instantly and constantly be paying it back gradually increasing in line with that %.