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[Andy B]

I've been watching Top Gear repeats on Dave. There was a glossy advert for QuickQuid ..... just borrow till next pay day etc etc Have  you seen the APR?
[size=22]2278%[/size]
 

Talk about kicking people when they most need help!

(Assuming things have got that bad people feel that a loan shark is the only place left to borrow money from.)

[Field Marshal Dr. Opti]

Crooks......how is that kind of interest rate possibly legal?

[redelitev6]

  All to common these days,loads of these scumbags offering these sort of loans , leeches on society,i know one woman who has bought a washing machine from "brighthouse". by the time she has paid it off it will have cost her over £ 2000 !

[r1]

I've been watching Top Gear repeats on Dave. There was a glossy advert for QuickQuid ..... just borrow till next pay day etc etc Have  you seen the APR?
[size=22]2278%[/size]
 

Talk about kicking people when they most need help!

(Assuming things have got that bad people feel that a loan shark is the only place left to borrow money from.)

was talking about this the other day but my mate who reckons he knows about these things says its not to bad.
its only a short term loan [about a month as its a pay day loan]so as long as its paid on time its only a few quid.[so he says]

[Tony H]

I've been watching Top Gear repeats on Dave. There was a glossy advert for QuickQuid ..... just borrow till next pay day etc etc Have  you seen the APR?
[size=22]2278%[/size]
 

Talk about kicking people when they most need help!

(Assuming things have got that bad people feel that a loan shark is the only place left to borrow money from.)

was talking about this the other day but my mate who reckons he knows about these things says its not to bad.
its only a short term loan [about a month as its a pay day loan]so as long as its paid on time its only a few quid.[so he says]

Yep your mates right the interest on a £100 loan for a couple of weeks would be around £8 a lot in percentage terms, but less than it seems in actual cash The adds I've seen do state that this type of loan is only suitable for short term periods but it does make you wonder how many people fall into the situation of not being able to pay it off quickly and end up paying huge amounts of interest. The people that this type of finance targets are usually the most vunerable  :-?

[russ0205]

But the question is if you need £100 until pay day and pay £8 interest next month you will need £108 till payday, see what i mean 

[geoffr70]

Another one of the tricks companies like this use is to give a promotional code which they say gives a discount off 25%. They want people to think (which they do) that this is a quarter. Well of 100% if is. Of 2200% it's not. Off the top of my head it's closer to 1%, so the savings in real terms are minimal. Yes people will say you have to check the small print, and I agree. But it's still a trick, which as has been pointed out already, preys on vulnerable people.

[hoofing it]

Still thats cheaper than provi there rate is 2936%.
My wifes pal has got one for £1000 and paying nearly 2k back.
I'ts about time the goverment set the max APR that lenders can charge to around 300%

[TheBoy]

Still thats cheaper than provi there rate is 2936%.
My wifes pal has got one for £1000 and paying nearly 2k back.
I'ts about time the goverment set the max APR that lenders can charge to around 300%

Why should the governemtn get involved? Its a free market. People know the rates when they take one out.

We have enough pointless buearocracy harming this country, without adding to it.

[r1]

Still thats cheaper than provi there rate is 2936%.
My wifes pal has got one for £1000 and paying nearly 2k back.
I'ts about time the goverment set the max APR that lenders can charge to around 300%

i was at a mates house when the provi woman came round,she gave them 200 pounds but then took about 7 pounds back as first payment....

[Kevin Wood]

Why should the governemtn get involved? Its a free market. People know the rates when they take one out.

We have enough pointless buearocracy harming this country, without adding to it.

Agreed. Someone who can't grasp basic arithmetic and realise they are being shafted is going to have a hard life anyway. Why the rest of us put up with a nanny state to try to avoid the inevitable?

Kevin

[Vamps]

Still thats cheaper than provi there rate is 2936%.
My wifes pal has got one for £1000 and paying nearly 2k back.
I'ts about time the goverment set the max APR that lenders can charge to around 300%

I always thought that the provi was a fair and legitimate money lender....

[Andy B]

..... and realise they are being shafted is going to have a hard life anyway.  .....

but there are some that already have a hard life for whatever reason and know they're being shafted, but have no where else to turn.

[Martin_1962]

We just need to legalise hunting of them

[geoffr70]

Still thats cheaper than provi there rate is 2936%.
My wifes pal has got one for £1000 and paying nearly 2k back.
I'ts about time the goverment set the max APR that lenders can charge to around 300%

I always thought that the provi was a fair and legitimate money lender....

The opposite is the case IME unfortunately. I know a middle aged man who is mentally ill, never worked (genuine case) and in the nicest way possible, isn't really with it. He is very vulnerable. The provi come round and he gets loans all the time. He just says and does what people want him to. It's a shame really. They've been taking advantage of him for years. I know a few more like it aswell.

But generally I agree with The Boy. Getting the government involved isn't the right way. We are on our won in this life. It is upto you to decide what's best. There are too many laws in this country, most of which penalise honest people even though they are intended to get the scrotes among us, who take no notice anyway.

I don't think you can legislate to combat peoples morals anyay (or lack of).