• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Good business if you can get it?

Gabsgrandad

Gabsgrandad

Just watching local news on ITV, there was an advert on by a company (the name didn't register) but it was a company that is prepared to lend you money against your car. Wasn't particularly watching but OH suddenly says look at that apr.
You wouldn't guess - but it was 799.9%.
As I say, nice business if you get it.
 
Not a bad rate. If you get a loan from wonga.com they will only charge you a modest 4214%.
I'm sure if you shop around even wonga can be beaten.
 
Back in the 1970's, and for a long time before, the Moneylender's Act limited the interest rate on unsecured loans to 48% per annum - there were still extortionists around but at least regulated lenders were kept reasonable.
The interest rate limit was dropped as part of de-regulation - parliament should simply reintroduce a rate limit.
 
I would not try to defend these moneylenders, and I think people who use them are crazy but APR doesn't give a fair impression of because it is based on a year, and these loans are not intended for long periods. e.g. Would you loan someone you didn't know £100 for a week on the proviso they paid you back £110? Not a great profit in my opinion (if you actual get it back) but the APR is probably in the hundreds of percent, maybe thousands (anyone got a calculator or a working brain?).
 
You must log in or register to reply here.

TRENDING THREADS

Latest posts

Back
Top