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Cheap loan

AnonymousAnonymous Posts: 79,667
edited December 2009 in The bottom bracket
WTF?

Just seen an advert for Quick Quid on the telly and the APR is 2356% :shock:

Posts

  • Presumably the intention is that you repay it within a very short timespan.
    "In many ways, my story was that of a raging, Christ-like figure who hauled himself off the cross, looked up at the Romans with blood in his eyes and said 'My turn, sock cookers'"

    @gietvangent
  • GavHGavH Posts: 933
    I'm not sure who I feel more sorry for. The sad beggars who feel they have no choice this time of year but to take such a loan or the [email protected] who are clearly devoid of any morals and who think it's acceptable to target such people with these 'services'.
  • ProssPross Posts: 32,025
    Saw that the other day - they basically lend you money from one pay day to the next. Very bad thing to get into as it ends up with you doing it again the following month to pay back the previous month and so on. As usual they are preying on the most desperate (those who are at home watching certain satellite channels in the middle of the day :wink: )- politicians would be up in arms if a door lending loan shark did the same but I can't see the difference.
  • AnonymousAnonymous Posts: 79,667
    I got a real twinge the other day when my 9 year old showed me what he'd like for Christmas from the lego catalogue. It was a £50 Bionicle kit, spoke to mrs Lite and now santa will get it for him on the day. I just felt really guilty think about the poor sods who can't afford to get their kids what I fortunately can. Then you see these loans set up by bestards to send the poor sods further down the rope. It really pulls at you.
  • Actually, that is exactly what that guy in Glasgow who was busted as Britains biggest ever loan shark was doing... £50 here, £20 there all managed out of a book...
    "In many ways, my story was that of a raging, Christ-like figure who hauled himself off the cross, looked up at the Romans with blood in his eyes and said 'My turn, sock cookers'"

    @gietvangent
  • rokkalarokkala Posts: 648
    Goverments fault that the companies are allowed to set basically whatever APR they want. Lot of other countries have a limit on credit APR at around 22%
  • rakerake Posts: 3,204
    id rather do this than c2w.
  • You're an idiot then :wink:


    If i was to get a loan of these people it would be understood (in my head) that they were never goping to see a penny back, luckily my wages are low enough that i could get waway with it , provided i didn't mind a ruined credit score(which i do-i'm a slave to the machine :wink: )
  • one of my customers (i do computers) is obviously a company doing just this sort of thing and in the office they have a chart with all the council estates in bradford and leeds highlighted, and each desk has a costing sheet next to it for how much it is to borrow £50 for 2 weeks etc etc

    really depressing but they pay me so I guess I cant complain where they get the money from - just like working for a bank
  • There are no laws against usuary in this country.

    :(
    "There are holes in the sky,
    Where the rain gets in.
    But they're ever so small
    That's why rain is thin. " Spike Milligan
  • BhimaBhima Posts: 2,145
    NapoleonD wrote:
    WTF?

    Just seen an advert for Quick Quid on the telly and the APR is 2356% :shock:

    I'll do you it for 2355%.
  • nwallacenwallace Posts: 1,465
    If a colleague needs to go to the ATM at lunch time before they can buy their lunch I may offer to lend then a fiver until they can repay it when they go along to the bank after eating, often they will just give me a fiver despite me having actually paid £4.90 to buy their lunch.

    I have lent them £4.90 and received £0.10 interest for a 1 hour loan, what is the APR?
    Do Nellyphants count?

    Commuter: FCN 9
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  • Ben6899Ben6899 Posts: 9,571
    nwallace wrote:
    If a colleague needs to go to the ATM at lunch time before they can buy their lunch I may offer to lend then a fiver until they can repay it when they go along to the bank after eating, often they will just give me a fiver despite me having actually paid £4.90 to buy their lunch.

    I have lent them £4.90 and received £0.10 interest for a 1 hour loan, what is the APR?

    How long does it take them to repay?
    Ben

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  • nwallacenwallace Posts: 1,465
    1 hour as stated
    Do Nellyphants count?

    Commuter: FCN 9
    Cheapo Roadie: FCN 5
    Off Road: FCN 11

    +1 when I don't get round to shaving for x days
  • cjwcjw Posts: 1,889
    nwallace wrote:
    If a colleague needs to go to the ATM at lunch time before they can buy their lunch I may offer to lend then a fiver until they can repay it when they go along to the bank after eating, often they will just give me a fiver despite me having actually paid £4.90 to buy their lunch.

    I have lent them £4.90 and received £0.10 interest for a 1 hour loan, what is the APR?

    Think it works out something like 2% per hour. Therefore (as 8,760 hours in a year) 17,500% per year... but not APR as it is completely paid of in the hour it was borrowed si APR probably 2%. Guessing though :lol:
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  • Smokin JoeSmokin Joe Posts: 2,706
    The term "Loan" should be outlawed. No-one is lending you money, they are selling it to you, at 20% interest you are paying £1.20 for every pound you buy.

    Putting it like that might bring home to people the real cost of "borrowing".
  • nwallace wrote:
    If a colleague needs to go to the ATM at lunch time before they can buy their lunch I may offer to lend then a fiver until they can repay it when they go along to the bank after eating, often they will just give me a fiver despite me having actually paid £4.90 to buy their lunch.

    I have lent them £4.90 and received £0.10 interest for a 1 hour loan, what is the APR?

    The daily interest rate is 62.4% (assuming it's 'compound' interest, not 'simple'). Scaling this up gives an APR something along the lines of (7.24x10^78)%! :shock: Shame there's only one lunchtime a day! Maybe you should get friends in each time zone that you can lend money to each day. :wink:

    Agree it's disgraceful they can get away with loans with such high APRs. Yes, they should charge higher rates because of the higher risk of the borrower defaulting, but they're just taking the p!ss.
  • cjwcjw Posts: 1,889
    LazyBoycp wrote:
    [
    The daily interest rate is 62.4% (assuming it's 'compound' interest, not 'simple'). Scaling this up gives an APR something along the lines of (7.24x10^78)%! :shock: Shame there's only one lunchtime a day! Maybe you should get friends in each time zone that you can lend money to each day. :wink: .

    Now, that's the thinking that the banks used and got us into the credit crunch. Although they would have assumed there were 7 lunchtimes a day and then re-morgaged the loan at 50% profit as an AAA guaranteed - Northern Rock / Leihman Bros loan.
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