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Quick Quid short term lending

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ProfilePosted byOptionsPost Date

JaneyCanuck

JaneyCanuck Report 6 Sep 2010 20:15

Ha, at least they *have* to flaunt it on national TV! They're required to disclose their interest rates, I imagine.

In Canada, criminal interest rates are covered by the Criminal Code usury provisions. They aren't tight enough. Ours are called "payday loan" outfits. There have been efforts in Parliament to clamp down on them recently, but it hasn't gone far. I don't think the interest rates approach those, though!

Yup. Parasites.

Researching:
Please use the "ADD YOUR REPLY" box below to reply. Please DO NOT click "Send Message" and send a private message (unless info is about living people or otherwise sensitive). THANKS!

**Ann**

**Ann** Report 6 Sep 2010 15:33

I saw a programme about that a while back, but this % takes the biscuit!!

i am appauld they have the front to flaunt it on national tv!

KempinaPartyhat

KempinaPartyhat Report 6 Sep 2010 15:22

what amazes me is there is an advert in our area about a loan shark and you can ring and report them !!! but isnt that kind of interest rate the same as a loan shark???

Lyndi

Lyndi Report 6 Sep 2010 15:06

Someone is making a quick quid with this!!! You would have to be desperate to borrow on these terms.

Rambling

Rambling Report 6 Sep 2010 15:01

depending on which loan you take

Excellent borrow £50.00 pay back £70.00 apr 819.12%
Good " £50.00 " " £75.00 1410.33%
Average " £50.00 " " £79.50 2222.46%

based on a 60 day loan period which you can extend x 4 ..

I suppose if you desperately needed £50 till payday it might just be viable...

Researching:

Merlin

Merlin Report 6 Sep 2010 14:44

Probably put the decimal point in the wrong place.**M**.

Researching:
Vlad the Impaler and Dracula. Wend,Prickly,Island,GG.+CC.+DIZZY & Mersey.

StrayKitten

StrayKitten Report 6 Sep 2010 14:24

lol shocking isnt it, but people actually use thes services x

Researching:
It wasn't me

**Ann**

**Ann** Report 6 Sep 2010 14:20

Well I am gob smacked, cant find my calculator to work out if you borrowed say 500.00 what the pay back would be.........anyone near a calculator!

Rambling

Rambling Report 6 Sep 2010 14:16

no that is right, I looked twice too lol,

Researching:

**Ann**

**Ann** Report 6 Sep 2010 14:11

Not sure if my eyes were playing tricks, these people have an ad on tv..........money lending typical APR 2278%!!!!!!!!

Have to go to specsavers!