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