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22-10-07, 08:42 AM

The reason it's so high is because the people they are lending to (who have been rejected by every other lender) are extremely high risk and comparatively unlikely to repay the money. It's a bit like stupidly expensive insurance for people with 15 points on their licence, a couple of charges of dangerous driving and a string of written-off vehicles to their name.

EDIT: Although, like expensive insurance, the cost charged is exploitative and not proportionally reprasentative of the increased risk.

22-10-07, 08:42 AM	#25
Ceri JC Guest Posts: n/a	Re: Outrageous APR The reason it's so high is because the people they are lending to (who have been rejected by every other lender) are extremely high risk and comparatively unlikely to repay the money. It's a bit like stupidly expensive insurance for people with 15 points on their licence, a couple of charges of dangerous driving and a string of written-off vehicles to their name. EDIT: Although, like expensive insurance, the cost charged is exploitative and not proportionally reprasentative of the increased risk. Last edited by Ceri JC; 22-10-07 at 12:53 PM.