MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Jeeeeez daytime tv ad for a "payday" loan typical apr 2536% that just blows my mind
Are you sure? Shouldn't that be illegal?
yep big numbers across the bottom of the screen.
a quick google of payday loans shows that intrest rates in the thousands are common
we've done this one before, it's unbelievable they get away with it but oddly enough now is a better time then any to be ripping off borrowers
Imagine if you will, If you lend your mate a tenner, and then give him it back the next day, and buy him a pint for being nice. Have a work out what the APR is...
[edit - I was bored =
For example, you lend a friend £100. 2 weeks later they pay you back and buy you a pint (£2.50) to say thanks. That is an APR of 90%. - from http://forums.moneysavingexpert.com/showthread.html?p=27416553 ]
APR is huge, amount of interest is pretty good actually, like 30 quid on a grand or something.
Fine if you need cash quick and the bank don't like you
BUT
slippery slope......