A forum for all things Cardiff City
Tue May 17, 2011 4:21 pm
Nothing good ever comes from loans...... oh hang on!!!
Tue May 17, 2011 4:23 pm
My brother and I were talking about this and obviously it's an extortionate rate of interest but for short term loans it can work. Imagine you're in a pub and you're £3 short so you say to your mate 'I'll pay you £3 tomorrow and buy you a pint to show my thanks'. The interest rate of that transaction over the whole year would be ridiculous. Close to 36,500% APR is it? My maths is shit so I could be wrong!
I would never use them personally though.
Tue May 17, 2011 4:29 pm
Zabier wrote:My brother and I were talking about this and obviously it's an extortionate rate of interest but for short term loans it can work. Imagine you're in a pub and you're £3 short so you say to your mate 'I'll pay you £3 tomorrow and buy you a pint to show my thanks'. The interest rate of that transaction over the whole year would be ridiculous. Close to 36,500% APR is it? My maths is shit so I could be wrong!
I would never use them personally though.
yes,£3 quid,and buy a pint another £3,but if you borrow £500 over a year that alot(my maths not good)it shouldnt be allowed
Tue May 17, 2011 4:37 pm
Yeah, they should be more stringently regulated for sure. I had trouble with Lloyds when I rang them. I only wanted to make a quick transfer of funds but they kept creating issues that didn't exist. The first was that I didn't have enough funds in my account. When I stated I did they then went 'oh yeah, sorry, just a technical error' then they said they'd transferred it as a bill and it wasn't sending which I then said 'why? I never mentioned anything about a bill' and they were adamant I was. How could I be when I've never even heard of a bill transfer before???
All this just to squeeze every extra penny out of me via telephone banking. Lloyds have seriously become the worst bank by a country mile for customer service now. Shocking.
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