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- Idle Banter (http://forums.sv650.org/forumdisplay.php?f=116)

- - Typical 2356% APR (http://forums.sv650.org/showthread.php?t=144301)

andywilson460

24-12-09 07:23 PM

Re: Typical 2356% APR

I've just worked out with that APR it's 6.4% per day.

So - for example - If I borrowed £1500 to cover the mortgage, bills, transport etc for 30 days, by the end of the loan I would owe QuickCash £2880. That's really not going to help anyone in financial problems other than QuickCash.

Looking at the interest rates it would be incredibly hard for anyone to actually afford to pay back these loans if they were that desperate.

Awful thing at this time of year.

the_lone_wolf

24-12-09 07:40 PM

Re: Typical 2356% APR

Quote:

Originally Posted by andywilson460 (Post 2131743)

I've just worked out with that APR it's 6.4% per day.

http://jamie-online.com/random-jamz/...6/facepalm.jpg

sinbad

24-12-09 08:14 PM

Re: Typical 2356% APR

Quote:

Originally Posted by andywilson460 (Post 2131743)

I've just worked out with that APR it's 6.4% per day.

So what, 64p on a £10 loan per day, then 6.4% of £10.64 for the next?
The actual annual APR on a loan like that would be in the millions.

You don't work out APR "per day" by dividing by 365. (hence facepalm) :)

speedplay

24-12-09 08:20 PM

Re: Typical 2356% APR

Quote:

Originally Posted by sinbad (Post 2131765)

You don't work out APR "per day" by dividing by 365. (hence facepalm) :)

Add to this, the clue to APR is that its annual percentage of rate.

I think the clue is in the name ;)

andywilson460

24-12-09 08:32 PM

Re: Typical 2356% APR

True - but clearly there will be a charge for a month loan - so what is the total repayment amount after 1 calendar month on that rate?

the_lone_wolf

24-12-09 08:38 PM

Re: Typical 2356% APR

Quote:

Originally Posted by andywilson460 (Post 2131788)

True - but clearly there will be a charge for a month loan - so what is the total repayment amount after 1 calendar month on that rate?

The numbers are posted on their own website if you look

After a period of one month you'll pay back 20-29.5% on top of the loan amount...

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