49% APR – if that sounds expensive have a look at the interest the nice man from the Provident charges 150% – 180% APR. APR isn’t that useful a measure for a short term loan though. Those payday loans sound expensive – but in the sort of circumstances where someone might use one they are probably a lot cheaper than not using one – bounce a cheque or DD and it could work out much pricier.
Brighthouse and their ilk are a lot nastier than the cash loan people – they really are expensive, their goods are over valued in the first instance and Brighthouse are well known for chucking in lots of valueless insurances with things as well as craftily adding extras to the time of the sale that end up costing hundreds over the term of the deal. Someone I know bought a bog standard TV from there, something that would have cost £2-£300 in tesco, that was going to end up costing them way over a grand – £400 of that was the stand.
AS much as I despise Brighthouse, my really hatred is reserved for the rest of the retail industry who refuse to do business with the poorer quarter of the population. They create the void that villains like Brighthouse fill.