2356% APR - seems reasonable... - Singletrack World Magazine May 15, 2010

Overview Chat Bike Members News Women

This topic has 8 replies, 8 voices, and was last updated 13 years ago by billybob.

Viewing 9 posts - 1 through 9 (of 9 total)

2356% APR – seems reasonable…
aP
Free Member

It seems that dodgy financing is back after 18 months.

Posted 13 years ago

shermer75
Free Member

I don't get it….

Posted 13 years ago

IdleJon
Full Member

I assume that you are talking about very short term borrowing with corresponding high interest rates, which as I understand it has never been any different?

No story really other than the companies are displaying the APR on the ads.

Posted 13 years ago

thegreatape
Free Member

It is reasonable for the products it's charged on.

Posted 13 years ago

theflatboy
Free Member

it's those companies advertising on tv for payday advances. that's the interest in the small print at the bottom of the ads. obviously the rates reflect the nature of the loans in question, but is it going out on much of a limb to suggest that many of the people utilising such a service wouldn't appreciate what they were committing to and if they did would likely need to use it repeatedly, managing to cover the costs for how long?

Posted 13 years ago

jon1973
Free Member

short term, high risk loans for relatively small amounts of money = high interest rates.

Posted 13 years ago

Gingerbloke
Free Member

Its not that bad, something like £9 per £100 per week.

Posted 13 years ago

plumslikerocks
Free Member

Nobody actually pays 2356% APR – the companys concerned are on a quite a tight leash with regulators. If a client is unable to repay within the originally agreed short term period, then that interest rate has to be suspended and a repayment plan agreed with much friendlier terms and no compound interest.

Posted 13 years ago

billybob
Free Member

To be fair to them – it's lots clearer than credit card transferring money interest rates etc..

Posted 13 years ago