Just Seen An Ad For Everyday Loans.......

[ToraToraTora]

Only 99.9% APR! Beat that!

[barry1010]

"Rates between 11.8% APR and Maximum 1721% APR"

https://www.little-loans.com/?sid=998&;h1=Apply+to+Loan+Between+%C2%A3100+-+%C2%A310,000+Today!&kw=everyday%20loans_e_m__g___628892074967_kwd-3094088092_17343814249_9045453_178689769&gad_source=1&gclid=CjwKCAjwxNW2BhAkEiwA24Cm9HmVItytHtJiDCHULRxI4Ins9VYTgLQoR0kii3p-gyYD9nhrREPDeRoCyqkQAvD_BwE

[barry1010]

I win!

[bednobs]

"Representative example: borrow £700 for 6 months. 1st monthly repayment of £168.45, 4 monthly repayments of £224.60, last monthly repayment of £112.20. Total repayment £1,179.05. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74%. Our loans are available for 3 to 9 months depending on the loan amount - rates between 295.58% APR and a maximum APR of 1294%."

Payday Loans from a Direct Lender | All Credit Considered (cashfloat.co.uk)

 

[barry1010]

The vultures are circling

[Hymie]

Many countries around the world have laws that prevent companies charging usury interest rates (often anything above 25%) – no such protection for UK citizens though.

[Buenchico]

APR can be very misleading.

For example, if you take out a £100 loan that requires you to pay back £110 a year later, the APR is very low.  However if you take out a £100 loan that requires you to pay back £110 a week later, the APR is very high.  That's despite the fact that the actual cost of taking out the loan is exactly the same.

[Peter Pedant]

ignores time discounting

difficult to  make a profit of £10 in  a week

much easier to  do it in a year...

If the example were valid then  a landlord wd say, rent of £1000 a month, just give me £12000 and we will have done with it for a year.

when work a day loans started they were forced to advertise 2368% per year. I thought it was an obvious literal error -  it  wasnt

[Peter Pedant]

Also if the company tries to levy a loan fee ( not interest)- then it is included in the interest

the best thing is not to go into debt ( xc a mortgage of course)