Quick Quid.co.uk WTF?
Discussion
Argh, not this again! It's been discussed many many times already...enough said!
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
and here:
http://www.pistonheads.com/xforums/topic.asp?h=0&a...
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
and here:
http://www.pistonheads.com/xforums/topic.asp?h=0&a...
Edited by soad on Friday 12th February 12:19
Its got nothing to do with the APR!!!111one thats just a legal requirement by the lender.
Its a short term, 1,2,3 week loan.
picture this. you lend someone £100 who you don't know, you pay to run a credit check on them, they have a s
t credit history, you fill in the paper work, you make the payment to them, you send them the documents etc etc etc (everything involved with a loan) all time consuming and costly. how much would you want back in return for your £100 a week or 2 later? £105? no didn't think so, £150 I'd say at least, especially due to the risk involved. This then equated to over 2000% APR, you aren't ever going to charge them 2000% unless they are that stupid they don't pay you then you take them to court.
Once again, that time of the week is it?
Its a short term, 1,2,3 week loan.
picture this. you lend someone £100 who you don't know, you pay to run a credit check on them, they have a s
t credit history, you fill in the paper work, you make the payment to them, you send them the documents etc etc etc (everything involved with a loan) all time consuming and costly. how much would you want back in return for your £100 a week or 2 later? £105? no didn't think so, £150 I'd say at least, especially due to the risk involved. This then equated to over 2000% APR, you aren't ever going to charge them 2000% unless they are that stupid they don't pay you then you take them to court. Once again, that time of the week is it?
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