Quizzes & Puzzles1 min ago
Unbelievable APR rates
6 Answers
I have just recieved a mail shot from Provident and they state that their typical APR is 183.2 %.
how can they be allowed to legally charge this ? surely the authority concerned should shut them down ? they boldly print to borrow �300 will cost you �504.
its outrageous, I have used their reply envelope to say take me off your mailing list forever.
what do others think ? they obviously pray on the less fortunate.
how can they be allowed to legally charge this ? surely the authority concerned should shut them down ? they boldly print to borrow �300 will cost you �504.
its outrageous, I have used their reply envelope to say take me off your mailing list forever.
what do others think ? they obviously pray on the less fortunate.
Answers
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If anyone borrows money from such a company and agrees to pay this APR rate then it is an entirely legal contract between the two parties.
A Contract doesn't have to be fair.............it has to be legal. The 'morality' of such a contract, however, is an entirely different matter and in unfortunately not taken into consideration by the law.
These companies specifically target those who are unable to approach the more reputable financial institutes for help.
A Contract doesn't have to be fair.............it has to be legal. The 'morality' of such a contract, however, is an entirely different matter and in unfortunately not taken into consideration by the law.
These companies specifically target those who are unable to approach the more reputable financial institutes for help.
Exactly so. Their customers cannot get loans from banks, they cannot get credit cards or have an overdraft because they are such a big risk.
Provident offset the risk by lending relatively small amounts of money and having a short repayment term with a high APR.
It is not outrageous - they are catering to a section of society that can't get help elsewhere. They give cash loans of �50 to �500 - �9 per week for a loan of �300.
The only alternative their clients have is to borrow money from people who are likely to break your knee caps if you miss a payment.
I have just looked at their website. The company is to be applauded. The very first page in big bold characters clearly states the APR - they are not attempting to deceive and make the charges so clear there can no possible misunderstanding
http://www.providentpersonalcredit.com/
Provident offset the risk by lending relatively small amounts of money and having a short repayment term with a high APR.
It is not outrageous - they are catering to a section of society that can't get help elsewhere. They give cash loans of �50 to �500 - �9 per week for a loan of �300.
The only alternative their clients have is to borrow money from people who are likely to break your knee caps if you miss a payment.
I have just looked at their website. The company is to be applauded. The very first page in big bold characters clearly states the APR - they are not attempting to deceive and make the charges so clear there can no possible misunderstanding
http://www.providentpersonalcredit.com/
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