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Thread: Apr !!!

  1. #1
    Full Member spennny's Avatar
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    Default Apr !!!

    WOW

    Clicked on an advertisment, and got to a pay day loan place, check their APR


    TYPICAL
    1737%APR

  2. #2
    Regular Member glenboy's Avatar
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    Default


  3. #3
    Vec-C Facebook Admin thegoldenbullet's Avatar
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    sweet. whats the site? NOT!

  4. #4
    Regular Member steve1975l's Avatar
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    I have a friend that used those services and the cash a cheque ones...financial suicide.

  5. #5
    Full Member spennny's Avatar
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    Well,

    I have decided to go for this one

    QuickQuid Payday loan Payment to Customer Payment to QuickQuid
    Loan issued on 03/05/2007 £200 Fund loan
    Paydate 1 £50 Finance Charge
    Pay Date 2
    30/06/2007 £250 Finance Charge & Principal
    Total amount payable to QuickQuid £300 Finance Charges for Payment Dates 1 &2 and Principal
    APR 1576.6%

    Sample QuickQuid payday loan for the same customer with early payment option exercised:

    QuickQuid Payday loan Payment to Customer Payment to QuickQuid
    Loan issued on 03/05/2007 £200 Fund loan
    Paydate 1 £250 Finance Charge
    Pay Date 2
    30/06/2007 cancelled cancelled cancelled
    Total amount payable to QuickQuid £250 Finance Charges for Payment Dates 1 &2 and Principal
    APR 1733.5%

    Typical APR
    Typical 2356% APR.

  6. #6
    Regular Member glenboy's Avatar
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    Daylight robbery springs to mind...........

  7. #7
    Vec-C Facebook Admin thegoldenbullet's Avatar
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    i suppose if you need 200 quid mega quick, and it costs you 50 quid on payday for it, its really not that bad, unless you start doing it every month

  8. #8
    Full Member spennny's Avatar
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    They should be wearing masks

  9. #9
    Vec-C Facebook Admin thegoldenbullet's Avatar
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    Ill use that chart you put up as an example.

    Say you borrow £80 till the end of the month, and you pay them back £100

    So thats £20 interest. Thats 25% interest.

    Thats not as shocking as the apr makes it out to be.

    Still wrong, but i cansee how its attractive to people in a pickle.

  10. #10
    Regular Member steve1975l's Avatar
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    The scary thing is they wouldn't be in business if people didn't use them.

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