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Old 21-10-07, 01:27 PM   #1
Lissa
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Angry Outrageous APR

Following on from the thread about credit reports and an APR of 15% being considered high, check out the APR bottom right on this offer of credit Pete received recently. How the Hell can they get away with a rate like that?
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Old 21-10-07, 01:30 PM   #2
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bet no one will be rushing to take out that. saying that if no one else will give you money I bet some people will apply
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Old 21-10-07, 01:35 PM   #3
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Is this a joke letter?
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Old 21-10-07, 01:36 PM   #4
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Default Re: Outrageous APR

Quote:
Originally Posted by neio79 View Post
Is this a joke letter?
Nope, 100% genuine. It should be a joke, and if it had arrived on 1st April...............
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Old 21-10-07, 01:38 PM   #5
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That is rediculous APR!! why would anyone take out 1 £300 loan over almost 5 years!!!

are there really people around who will take out that?
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Old 21-10-07, 01:42 PM   #6
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Default Re: Outrageous APR

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That is rediculous APR!! why would anyone take out 1 £300 loan over almost 5 years!!!

are there really people around who will take out that?
I guess if you're a single parent scraping by on benefits and are desperate enough, you'll go for it. It's no co-incidence, I don't think, that it's arrived just as the Xmas marketing assault on parents is about to start.

It does seem wrong that the poorest people are hit with the highest APR though.
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Old 21-10-07, 01:51 PM   #7
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Default Re: Outrageous APR

Holy Crap! That is an outrageous amount! Total amount repayable is almost double the principle loan.
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Old 21-10-07, 01:52 PM   #8
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i supose , but even so its silly.

its wrong, i take it there are no laws on APR capping then??
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Old 21-10-07, 01:56 PM   #9
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no, that cant be true...maybe 18.32%? Did you ring to confirm that?

Crazy!

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Old 21-10-07, 02:02 PM   #10
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Default Re: Outrageous APR

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no, that cant be true...maybe 18.32%? Did you ring to confirm that?

Crazy!

Matt
Nope, 183.2%.................check out their web site

http://www.providentpersonalcredit.com/
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