2222.46% APR for average credit score, 2356% Typical

[ridds]

Just seen this advertised on the telly.....

QuickQuid

My god have you got to be desperate for that money!

[WorAl]

ridds said:

My god have you got to be desperate for that money!

You have to be pretty skint to want to pay £79 for a £50 loan - for someone without family and friends i think.

[Norfolkinchance]

The word usury springs to mind

[BigJonMcQuimm]

Maybe Winky should get a loan... Oh ... wait a minute!

[Neil_H]

Obviously the APR is astronomical as it's an annualised percentage, but the term is much shorter.

[Master Mischief]

WorAl said:

ridds said:

My god have you got to be desperate for that money!

You have to be pretty skint to want to pay £79 for a £50 loan - for someone without family and friends i think.

QuickQuid said:

If you have a one-period loan, you may extend your loan a maximum of five times...

If you need to borrow £50 chances are that you cannot afford to pay it back at all quickly.

You have to be really desperate to pay £138.50 for a £50 loan (or £2,770 for £1,000 over 6 months)- for someone with a drug habit / loan shark / total lack of a brain.

Bet that £138.50 grows a lot more after inevitably defaulting on repayment.

These companies should be illegal in my opinion as they only screw people (who can least afford it) over.

[gamefreaks]

I bet it still works out cheaper than getting bank charges!

[gamefreaks]

anonymous said:

[redacted]

Jesus man! Don't do that! Its dangerous!

Can you imagine the shock people get when they go from PH-Where-nobody-can-live-on-less-than-100k-per-year to MSE with threads like 'Im 50k in debt, on the dole and haven't eaten for 3 weeks...'?

Its a bit like being taken from your warm bed and thrown into the Arctic Sea at 3am in the morning!

You have to acclimatise first, perhaps with a spot of the Daily Mail...

[Mr E]

gamefreaks said:

Can you imagine the shock people get when they go from PH-Where-nobody-can-live-on-less-than-100k-per-year

People can live on less than 100K a year?

[toppstuff]

anonymous said:

[redacted]

Exactly. The point here is not that these places exist, but that their market is created by the practices of the high street banks. For example, I dunno, but I guess that if you break your overdraft at the bank they'll charge you £25-50 in costs and letters over a couple of weeks. If you don't go overdrawn and suffer those charges by going to these guys to bridge you for a week or two, then you save on the bank charges and only get charged £15 or so. I think that's how this works?

[Mr E]

anonymous said:

[redacted]

Christ, it's tough for the proles isn't it?

[Soovy]

toppstuff said:

The point here is not that these places exist, but that their market is created by the practices of the high street banks.

No, their market is created by cretinous people who can't live on the amount of money they have each month.

[toppstuff]

Soovy said:

toppstuff said:

The point here is not that these places exist, but that their market is created by the practices of the high street banks.

No, their market is created by cretinous people who can't live on the amount of money they have each month.

Fair point. I can imagine this is a pretty profitable business to be in though for just those reasons - there are plenty of customers I suspect !

[lord summerisle]

gamefreaks said:

anonymous said:

[redacted]

Jesus man! Don't do that! Its dangerous!

Can you imagine the shock people get when they go from PH-Where-nobody-can-live-on-less-than-100k-per-year to MSE with threads like 'Im 50k in debt, on the dole and haven't eaten for 3 weeks...'?

Its a bit like being taken from your warm bed and thrown into the Arctic Sea at 3am in the morning!

You have to acclimatise first, perhaps with a spot of the Daily Mail...

Not to worry.

MSE forums are closed for maintenance.

[ShadownINja]

Just how do you get the money off them that they couldn't afford in the first place?