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Need money urgently - try a 2356% APR loan

Buckled_RimsBuckled_Rims Posts: 1,648
edited December 2009 in The bottom bracket
Just watched an advert on telly for QuickQuid and couldn't believe it has "Typical 2356% APR."

http://www.quickquid.co.uk/

So your £999 bike will cost you £24,535.44.... :shock:
CAAD9
Kona Jake the Snake
Merlin Malt 4

Posts

  • GavHGavH Posts: 933
    Not only can NapoleonD bang out 12W more than you and destroy you with his Awesome Quad Power (TM), but he can also start threads a fortnight before anyone else...

    http://www.bikeradar.com/forums/viewtopic.php?t=12668243&highlight=cheap+loan
  • 18921892 Posts: 1,690
    I've seen that ad as well, how do they get away with it?
    Justice for the 96
  • Buckled_RimsBuckled_Rims Posts: 1,648
    I did a search for "QuickQuid" but unfortunately not "Quick Quid" ...Arh the power of a space :wink:
    CAAD9
    Kona Jake the Snake
    Merlin Malt 4
  • 18921892 Posts: 1,690
    It's a way to make a quick quid. Rip some sucker off!
    Justice for the 96
  • nolfnolf Posts: 1,287
    Good if you need to leave the country and want some quick cash to help fund it.
    I think that's the only reason I would ever even consider that.
    "I hold it true, what'er befall;
    I feel it, when I sorrow most;
    'Tis better to have loved and lost;
    Than never to have loved at all."

    Alfred Tennyson
  • plowmarplowmar Posts: 1,032
    As it says in advert this is NOT for a long term loan but as it implies a possible cover till wage or salary comes in.

    Under Consumer Credit laws APR's are worked as if the short term interest is paid over a year e.g £10 fee on £50 loan over a week would under the rules equate to interest of £520,
    therefore APR = 1040%. (maths may be wrong but idea correct), but you would only pay back £60.

    This is the Barclaycard boss not recommending the card for long term borrowing.
  • mrushtonmrushton Posts: 5,182
    It's intended as a v.quick loan but it's up to the borrower to read the smallprint. I'm sure the lenders want the money repaid quickly but will settle for the large percentage if neccessary
    M.Rushton
  • Le CommentateurLe Commentateur Posts: 4,099
    Or just your house.

    These companies are on the cusp of acceptability... they operate inside the law but use the powers of the Consumer Credit Act to fleece people of their assets one way or another. Technically legal, but morally questionable.

    Payday loans, unaffordable house prices, short term shift working, adult children living at home with parents.... it's like we've gone back in time to the 1920s.

    BTW, has anyone watched that new Ocean Finance TV channel yet?
    Un uomo solo al commando
  • cjwcjw Posts: 1,889
    You get a similar 'deal' with those Gold adverts. "send us your gold and we'll give you a small fraction of its worth"

    The worst thing is these companies target the people who are deserate for cash and least able to afford being ripped off. :evil:
    London to Paris Forum
    http://cjwoods.com/london2paris

    Scott Scale 10
    Focus Izalco Team
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