These loans on TV !!

Quick fix ETC that give you a quick loan. It says 1736% Apr Representative Now what in financial terms is Representative and say if you borrow £100 how much would you have to pay back. Just wandered like
These sort of firms are leaches and prey on the desperate

Quick fix ETC that give you a quick loan. It says 1736% Apr Representative Now what in financial terms is Representative and say if you borrow £100 how much would you have to pay back. Just wandered like
These sort of firms are leaches and prey on the desperate

I saw one once that something like 2328%

Saw on the news last night that some loan sharks in sarff east london are getting in on the fact that no companies are giving out credit as much,
Some bird lent £200 from one cos her hubby lost his job and paid back £3000

I don't know how they get away with it, surely there should be some restriction on how much the robbing bastards charge.. Its enough to destroy someones life.. I know people dont have to take the offers and know the risks butwhen someones in a hole and can see a small oppurtunity like that its gonna be tempting

But what is this Representative mean ? They come up with all this bullshit talk that means someone is going to get screwed

I don't know how they get away with it, surely there should be some restriction on how much the robbing bastards charge.. Its enough to destroy someones life.. I know people dont have to take the offers and know the risks butwhen someones in a hole and can see a small oppurtunity like that its gonna be tempting

Agree there should be a fixed limit.

Can't argue that it shouldn't be equal or lower to that of a high street bank because of the massive risk category of client they are dealing with.

Equally, it's on thing to be in a hole and see an opportunity but you always have to read contracts before signing for anything. If people can't grasp that unless you can pay back quickly, ie within days, you're utterly screwed, well...

just clever ways or conning desperate people.. People wont stop to work out the jargo when they have pound signs in their eyes.. Same as when you don't read the smallprint

I think it something to do with new legislation, where the loan company have to display an example of a deal. The 1736% represents what you pay over a year. So for £100 you pay back £100 + £144 in interest. Every month the interest is + £144. So a ridiculus amount but its ok cos they show you on the ads what your letting yourself in for.

I might be wrong but its all I could work out.........

Quick fix ETC that give you a quick loan. It says 1736% Apr Representative Now what in financial terms is Representative and say if you borrow £100 how much would you have to pay back. Just wandered like
These sort of firms are leaches and prey on the desperate

i struggle to understand how this is allowed in the year 2012.parasites and spivs are us.disgusting

http://en.wikipedia.org/wiki/Annual_percentage_rate

Shocking amount.

Yes basically if you borrow £100. At the end of the month you would owe them £244. Also I assume they charge by the day so for every day you go over they'll bung on another fiver. At the end of the year that 100 quid has turned in to £1736

It should be outlawed because lets be fair the only people who are going to borrow off them are desperate. They then get themselves in a far worse situation.

just clicked on the mypayday.com link at the bottom of the page!!! they lure you in by offering to lend you £200 for 28 days and you only payback £250, but the apr is still 1737%!!! so if you miss that agreed payback date you get sucker punched for £250 you owe plus the monthly equivalent of the remaining interest which is roughly £154 a month!!!!

How this is not illegal is beyond me.

Worst i have seen was on Dave yesterday, a company trying to sell these loans at 5237%!!!

You would have to be insane to take out one of these!

If I remember rightly there was a current affairs program on a few years back slagging off "Buy As You View" for charging 60% interest on things they were selling. 60% is nothing in comparison.

The rates are ridiculous but you have got to ask the question what is the track record of the type of person who would take out this type of loan? The default rate must be nearly as astronomical as the interest.

I have seen it before someone gets so far into debt then they end up with a CCJ. They cant get a bank account or any credit and its for a reason. So you then get these companies like brighthouse which you dont need a bank account and they sell you say a Playstation 3 worth say £400 but you pay back over £600 and then they then sucker you in to buy more. And before you know it you are so far in debt they end up with demand letters debt collectors. They prey on the vulnerable who have not got the intelligence of a hub cap. And i know someone just like that. It should be illegal they are parasites and vultures. But into days society this is allowed and wrong.

Ad on bottom of page 1
Every so often pay day loan on this page..

Ad on bottom of page 1
Every so often pay day loan on this page..

Its there now

I have seen it before someone gets so far into debt then they end up with a CCJ. They cant get a bank account or any credit and its for a reason. So you then get these companies like brighthouse which you dont need a bank account and they sell you say a Playstation 3 worth say £400 but you pay back over £600 and then they then sucker you in to buy more. And before you know it you are so far in debt they end up with demand letters debt collectors. They prey on the vulnerable who have not got the intelligence of a hub cap. And i know someone just like that. It should be illegal they are parasites and vultures. But into days society this is allowed and wrong.

i think your wrong in saying,[They prey on the vulnerable who have not got the intelligence of a hub cap.} these people are desperate. for whatever reason. they dont work. or . even if they do work. but just cant afford to meet the bill demands etc. for some people. christmas is a hard time. and the only way to put a smile on your kids faces, is to go to these high intrest loan people. i dont think there not intelligent. there just desperate. times are very hard for some people more than others at this present moment. im lucky. im not at that stage yet.

I have seen it before someone gets so far into debt then they end up with a CCJ. They cant get a bank account or any credit and its for a reason. So you then get these companies like brighthouse which you dont need a bank account and they sell you say a Playstation 3 worth say £400 but you pay back over £600 and then they then sucker you in to buy more. And before you know it you are so far in debt they end up with demand letters debt collectors. They prey on the vulnerable who have not got the intelligence of a hub cap. And i know someone just like that. It should be illegal they are parasites and vultures. But into days society this is allowed and wrong.

i think your wrong in saying,[They prey on the vulnerable who have not got the intelligence of a hub cap.} these people are desperate. for whatever reason. they dont work. or . even if they do work. but just cant afford to meet the bill demands etc. for some people. christmas is a hard time. and the only way to put a smile on your kids faces, is to go to these high intrest loan people. i dont think there not intelligent. there just desperate. times are very hard for some people more than others at this present moment. im lucky. im not at that stage yet.

Maybe i am making that statement to someone i know. Who wont work, wants everything and gets in debt

I have seen it before someone gets so far into debt then they end up with a CCJ. They cant get a bank account or any credit and its for a reason. So you then get these companies like brighthouse which you dont need a bank account and they sell you say a Playstation 3 worth say £400 but you pay back over £600 and then they then sucker you in to buy more. And before you know it you are so far in debt they end up with demand letters debt collectors. They prey on the vulnerable who have not got the intelligence of a hub cap. And i know someone just like that. It should be illegal they are parasites and vultures. But into days society this is allowed and wrong.

i think your wrong in saying,[They prey on the vulnerable who have not got the intelligence of a hub cap.} these people are desperate. for whatever reason. they dont work. or . even if they do work. but just cant afford to meet the bill demands etc. for some people. christmas is a hard time. and the only way to put a smile on your kids faces, is to go to these high intrest loan people. i dont think there not intelligent. there just desperate. times are very hard for some people more than others at this present moment. im lucky. im not at that stage yet.

Maybe i am making that statement to someone i know. Who wont work, wants everything and gets in debt

ok. i accept your apology

I have seen it before someone gets so far into debt then they end up with a CCJ. They cant get a bank account or any credit and its for a reason. So you then get these companies like brighthouse which you dont need a bank account and they sell you say a Playstation 3 worth say £400 but you pay back over £600 and then they then sucker you in to buy more. And before you know it you are so far in debt they end up with demand letters debt collectors. They prey on the vulnerable who have not got the intelligence of a hub cap. And i know someone just like that. It should be illegal they are parasites and vultures. But into days society this is allowed and wrong.

i think your wrong in saying,[They prey on the vulnerable who have not got the intelligence of a hub cap.} these people are desperate. for whatever reason. they dont work. or . even if they do work. but just cant afford to meet the bill demands etc. for some people. christmas is a hard time. and the only way to put a smile on your kids faces, is to go to these high intrest loan people. i dont think there not intelligent. there just desperate. times are very hard for some people more than others at this present moment. im lucky. im not at that stage yet.

Maybe i am making that statement to someone i know. Who wont work, wants everything and gets in debt

ok. i accept your apology

Why does everyone think i am apologising to them all the time not even my Mrs gets that pleasure