Hahaha Check This Loan APR Out

[boro_boy]

2339.30% APR

APR is the interest over a year, but these are only short tern loans for like 30 days.

Borrow £250
Pay Bask £75
Total Repayable £325

Total Length 30 days
APR is 2339.30%

Now, they don't do any credit check and all you need is a debit card. SO these are going to be aimed at poor people who are desperate for money. I think companies like this should be shut down. If you can't get a loan from the people on the high street then you obviously don't have the funds to repay the loan back or you will struggle a lot to pay it back, that's why they have credit checks.

[westboy]

I think they should but you can't really shut them down as easy as that. People should just be more educated when they get loans.

[boro_boy]

But they are picking in the venerable people. Thats their market, the people who are struggling with money.

[westboy]

Isn't that what bussiness is all about, albeit to different extents.

[boro_boy]

In a way yes but not if you look at who there customer base will be. It will be people with poor paid jobs, who really don't need to money but will get it anyway, which makes things worse. Your right in saying we need to educate people about money. I think we need to have classes in secondary school about money.

[westboy]

What I'm saying is that if you block these things then where do you stop? Do you ban adverts for flash electronic equipment as they will appeal to people who don't have the money to buy the luxury but are susceptible to advertising techniques?

[Craig]

Well you'd have to be an idiot to pick that wouldn't you...

Originally Posted by boro_boy

I think we need to have classes in secondary school about money.

I agree, teaching people from a young age should put the majority in the right direction, surely the government can see some logic in this? If they want to reduce the number of struggling Brits then this is a way forward.

[westboy]

Originally Posted by Craig

Well you'd have to be an idiot to pick that wouldn't you...

That's what makes it bad, sorry for generalising but generally it's the less intelligent who are without a job/have less money and so there the one's who are going to suffer

[FourOneFourOne]

It's not necessarily stupid people who would take that loan out, but they will be desperate. The Government doesn't give a f*** though, so they'll continue.

[superally]

Originally Posted by westboy

Isn't that what bussiness is all about, albeit to different extents.

To an extent buisness is about making money,but there is also a code of ethics!!IE fair trade policies for 3rd world countries,environmental policies etc,most respectable companies subscribe to these.
Whilst at Donnongton for the download festival a local shop tried to charge me £8 for 20 cigarettes,after causing total mayhem the guy accepted £4.50 for the sake of his shop,I just wonder how many actually paid the £8? i wouldnt be ripped off like that the same as i wouldnt rip anybody off.its about ethics,these people have none.I just wonder why the fook anybody would agree to that kinda interest rate,if they need £250 that badly they in all reality couldnt afford to pay it back with £75 on top.

[boro_boy]

EXACTLY !!!

[superally]

Originally Posted by boro_boy

EXACTLY !!!

I feel tempted to take out one of these loans,so when they send in the heavies,they could meet my boys.

[boro_boy]

They are just making money from the people who can't afford to get the loans. People should just go to the cheque places where you pay 2.5% Apr to get pay day cheques.

[superally]

Originally Posted by boro_boy

They are just making money from the people who can't afford to get the loans. People should just go to the cheque places where you pay 2.5% Apr to get pay day cheques.

One of the advantages of living where i live is that i dont get this kind of junk mail thru my door,but in my old old area i got loads of it.
What happened to robin hood..