Decent Loan??

[mc_orion]

This was put up on a site i use, mainly for young people aged 18-25 who go clubbing.

And yes there is not supposed to be a decimal point in the APR!!!

[Rob_the_Scot]

OMG! That is just so stupid if you take them up on that offer

[glenboy]

[Stevel]

This type of thing has come over from America. Payday loans are ****ing scandalous. The *******s are cashing in on people struggling financially and if there is not a more accurate barometer of how bad things have become I've yet to see it.

Check out the APR in example number 2 I saw the other day. This is lifted directly from their Website.

charges
What types of fees are involved?
The APR for Payday Loans can look very high. This is because the APR is calculated based on the cost of a loan over one year. However most Payday Loans are for a period of no more than 60 days and based on a fixed rate per Payday Loan.

Payday Loan APR worked example:
Customer 1 borrows £200 over a 30 day period.
Total amount repayable £250.
APR 1355%

Customer 2 borrows £200 over a 15 day period.
Total amount repayable £250.
APR 22694%

As you can see from the above examples, the amount of the Payday Loan does not affect your total repayment and, although the APR adjusts according to the period of the Payday Loan, the interest charge remains fixed. Please ensure you review all the possible costs to you before accepting any loan offer.

****ing ***** The reason it looks high is because it is.

edit: Apologies to any Mods. who can see past the swear filter.

[Gsi3.2]

thats just shocking....

i must be soft, because if an employee asked me for a 'sub' to tide them over they get it...and i'd rather do that than have them go somewhere like that.. it's just got 'robbery' written all over it!

[Dwabo]

my god... now thats takin the pi 55... unfortunately exploiting people in difficult situations!

[kpf1grandprix]

mmm maybe give them em a ring ,after last night,,,







































N O T!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[m8internet]

The address is the head office of BP Oil UK Ltd
Kind of says it all really!