outgageous interest
 

Heard this lot advertising on my local radio and could not believe it when they quoted their rate 1.1.5.9 % Not 1159 but each number as it makes it sound better. So checked their website www.credco.co.uk. Bloody heck, you must need your bumps feeling to go there

Re: outgageous interest
 

WOW! perhaps we should start lending money?

Re: outgageous interest
 

I'll lend ya 50 quid and next month you can give me a grand back, how's that sound??

Surely that can't be legal? If it is then it's making loan sharking legal!

Re: outgageous interest
 

They're very reasonable with their repayment plans, the most common one judging by that interest rate must be the "pay-by-this-evening-and-don't-get-murdered" scheme, and I presume they accept bank transfer, cash, cheques, pounds of flesh and postal orders.

The number of loan companies and credit cards catering for stupid people amuses me

Re: outgageous interest
 

Notice the front page shows a 30 day loan paying back just an extra 20odd quid on ?100 borrowed. Surely thats a bargain if your desperate?

How stupidly appealing.

:smt070:smt070:smt070:smt070:smt070

Re: outgageous interest
 

Wonder what the real reason is why they're not trading till 1 December. I had a look at the T&Cs, they look home done to me. For example, if you're late in paying up they charge a 'penalty' - I've never known a lender openly describe their charges as a 'penalty' before. Plainly unlawful. I thought that the rate was actually quite reasonable given that they will have a shed load of admin costs and a sea of bad debt to cover. The APR calculation assumes that charges are interest, that's why it's so high.