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Thread: Some Serious APR.......

  1. #1
    Regular Member Jayson VXR's Avatar
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    Default Some Serious APR.......

    Are they friggin serious ? ? ?

    Just seen an advert for one of those 'Pay Day Loans' thingy megiggy dooby wotsits and the APR is a whopping.......


    4214% to 5000%


    ARE THEY KIDDIN ! ! ! !


    How are they allowed to get away with charging those rate ? ? ?




    Rather buy a guitar and start busking

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    Full Member Big Sig's Avatar
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    Its not new, they have been doing it for ages. Thats why they are called "short term loans". Problem is the intrest is as much as you borrowed in the first place.
    Now I need a turbo to keep up!

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    Regular Member Big Knox's Avatar
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    Default

    APRs aren't really a good comparison for these types of product. They are obliged to display it though.

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    Regular Member m8internet's Avatar
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    The APR is representative for the period of the loan and risk
    A small loan for less than 30 days at 5000% makes sense to a large loan for more than 30 years at 2%

    The one that gets me was the increase in APR on Credit Cards
    Interest rates went up, APR went up, then Interest rates came down, but APR went up again...

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