Look at this Shyte! - 79.9% Interest Rate card
Discussion
Pah !!!
I take your 79.8% and raise you the Quick Quid web site
www.quickquid.co.uk/fee-schedule.html
2222.46%
I take your 79.8% and raise you the Quick Quid web site
www.quickquid.co.uk/fee-schedule.html
2222.46%
anonymous said:
[redacted]
I suppose this all makes sense, but the shock of seeing it is stiff! I guess this is a way the card companies can compete with payday loans and pawn shops then. They could even put Paulie Walnuts on the staff to keep the payments flowing.Edited by Jimbeaux on Friday 18th December 20:18
chrisxr2 said:
and i raise you the new halifax bank account overdraft chrges adding up to some 3000 percent apr if you have the wrong account.
"Halifax says it's making things simple and conceptually it is, the problem is for some people it's simply going to cost a fortune. Imagine you slip £10 overdrawn without realising it until 20 days later when you get your statement, that'll mean you pay £20 on a £10 overdraft. In fact, for someone £10 overdrawn, £1 a day is equivalent to 36,500% interest per year."Jimbeaux said:
anonymous said:
[redacted]
I understand, but the loanshark might have a better deal. 
The interest is how they get around a new federal law.I see legal challenges and rich lawyers in the future... (oops - sorry wrong thread!)
Edited by ErnestM on Wednesday 30th December 03:56
I interviewed a local loan shark when investigating a rather large fraud. He lived in a big house with swimming pool on the coast. He was one of the victims although not to any great extent - a few thousand. It was off my patch so I asked the locals what he was like and I was given a litany of character defects but no actual offences. He had a CRO but mostly for stuff in his early 20s: minor theft and an ABH. When I interviewed him he was around 55 and had been clean for years.
I asked him what I should put his job down as and suggested company director. He said he was happy with loan shark and, as you do in these circumstances, I had a little chat to put him at his ease.
He said quite sincerely that he provided a public service by lending money to people whom banks and institutions refused. He set his interest rates according to the risk and suggested that he could have set them much higher and people would still pay. He said that he lived frugally, which, apart from his house, I've got to say seemed correct.
There were rumours of damage to property, burglaries and thefts carried out by his 'collectors'. We could never get complainants despite, when attending, finding a car outside the house with smashed windows.
When I suggested that he was exploiting the weakest in the community - his customers came mainly from the council estates although it was believed that some were from much posher areas - he said that they were abandoned by the banks and if he didn't lend them money no one would.
He reckoned that he picked those he'd lend to with care, not going for druggies or those borrowing to fund repayments of other loans.
He said he never sold on a loan.
I've got to say he gave me a lot to think about. Some months later I was on enquiries in Woddingdean and I met the parents of a kid who used to frequent our cells. I'd seen them often enough in the past. They were nice people and in conversation they told me of a 'difficult' period when they had to borrow money from a 'money lender' because of what their kid had done. I mentioned the name of the bloke I'd interviewed and they said it was he who lent them the money and they were full of praise, saying that no one else wanted to know. She said: 'I don't know what we'd have done without his help.'
I'm not suggesting he is in line for beatification but there's more than one side to high interest rates.
I asked him what I should put his job down as and suggested company director. He said he was happy with loan shark and, as you do in these circumstances, I had a little chat to put him at his ease.
He said quite sincerely that he provided a public service by lending money to people whom banks and institutions refused. He set his interest rates according to the risk and suggested that he could have set them much higher and people would still pay. He said that he lived frugally, which, apart from his house, I've got to say seemed correct.
There were rumours of damage to property, burglaries and thefts carried out by his 'collectors'. We could never get complainants despite, when attending, finding a car outside the house with smashed windows.
When I suggested that he was exploiting the weakest in the community - his customers came mainly from the council estates although it was believed that some were from much posher areas - he said that they were abandoned by the banks and if he didn't lend them money no one would.
He reckoned that he picked those he'd lend to with care, not going for druggies or those borrowing to fund repayments of other loans.
He said he never sold on a loan.
I've got to say he gave me a lot to think about. Some months later I was on enquiries in Woddingdean and I met the parents of a kid who used to frequent our cells. I'd seen them often enough in the past. They were nice people and in conversation they told me of a 'difficult' period when they had to borrow money from a 'money lender' because of what their kid had done. I mentioned the name of the bloke I'd interviewed and they said it was he who lent them the money and they were full of praise, saying that no one else wanted to know. She said: 'I don't know what we'd have done without his help.'
I'm not suggesting he is in line for beatification but there's more than one side to high interest rates.
Gassing Station | The Lounge | Top of Page | What's New | My Stuff