How about 1845% APR?

[embee]

Try this for size
http://www.paydayuk.co.uk/pages/our-charges.html

Enough said.

Wahoo! thats a bit on the ouch side of things.

Meh, at least they're not trying to hide the typical APR.

[Stu]

'sonly 25% interest
If you need it, it's not a lot to pay.

i personally hate these vultures...if you need money like that due to a bad credit rating surely speak to your local credit union....

ive never used them but i know people who have, what they tend to do is roll the debt onto the next month if you pay a fee...not sure what the fee is..but it adds up...so in a few months you could have paid say £200 just for rolling the debt on...plus you still owe the initial £100 you borrowed plus the stupidly high interet....sod that..im sure it can help some people in the short term but its still rediculous

[Balky001]

That's an amazingly high apr but these loans aren't for people borrowing money over a long period - although I bet they do! They are taking a ot of credit risk though, and they must be susceptible to fraud, people setting up accounts and then closing them etc

I take it the sort of people who go for these things are pretty big liabilities as borrowers with a low chance of repaying. Part of the astronomical APR is reflecting this. The other part is them being absolute bandits.

Why don't they just say 25%? 1845% sounds huge but its not too bad if you want the money.

Originally Posted by Magnum

Why don't they just say 25%? 1845% sounds huge but its not too bad if you want the money.

the 25% is on what you borrow, just for the exact amount of time you have agreed to borrow it for..ie less than a month....its the equalivant to 1845% annual percentage rate (apr)..if you borrowed it over the course of a year and paid it back a bit at a time..then interest on interest and all that....thats extortionate

i think..im not sure...but by law they have to state what the APR is