Reply to: Log Book Loans

[Alf W]

http://news.bbc.co.uk/1/hi/business/7155642.stm

A loan firm has come under fire after charging one client an annual interest rate of more than 2.6 million per cent.
An unnamed woman in York took out a one week loan for £320 with the firm Early Pay Day Loans, which attracted £80 in interest over the seven-day period.

When the cost of the credit was calculated over a 12-month period, the annual percentage rate (APR) worked out at 2,639,385.9%.

Early Pay Day Loans insists that its charges are "competitive".

I think a big light just came on re Plan B.

[MrRobin]

ht tp://paydayuk.co.uk

Log book loans are playing at it. Heard these advertised on the radio the other day. Typical APR 1355% (yes one thousand three hundred and fifty five percent)!

Mental. They try to 'justify' this extortion by saying that a £25 bank charge on going £5 over on your overdraft is infact 147359739444%APR so they are a much cheaper option. What a croc.

[Denny]

Maybe they have a harmless coke habit to feed?

That remark, posted on this particular thread, is tantamount to 'dealing' to hapless victims who are determined to stay clean rather than hang out with the junkie crowd on the Sandy thread.

You should be locked up.

[BoredBloke]

I've just registered www.kidneyloans.co.uk

Basically I'll lend up to £1000 per kidney at 10,000% APR. Miss a payment and your kidney is removed and sold to a rich American.

Don't forget folks, you have two kidneys and CCJ's welcome.

Well my wife has three but one is her mums

[DimPrawn]

I've just registered www.kidneyloans.co.uk

Basically I'll lend up to £1000 per kidney at 10,000% APR. Miss a payment and your kidney is removed and sold to a rich American.

Don't forget folks, you have two kidneys and CCJ's welcome.

[Alf W]

h ttp:/ /paydayuk.co.uk

Log book loans are playing at it. Heard these advertised on the radio the other day. Typical APR 1355% (yes one thousand three hundred and fifty five percent)!

[PerlOfWisdom]

log book

I wonder how much I could get for my log book. It has square roots and sin and everything.

[sasguru]

Atw, on the back of your Pug 306, I will lend you £100 for Christmas payable back at £50 per month for 12 months. You see 100 is greater than 50, you can't lose.

[shoes]

They can't do maths. Some of them think a high rate is a good thing. I sht you not. People are stupid.

[Bagpuss]

Have a read through this. http://forums.moneysavingexpert.com/...d.html?t=83984

They are getting a lot of airtime and advertising.

How desperate are people to borrow at 375% APR.

Maybe they have a harmless coke habit to feed?

[DimPrawn]

343%!!!!!!! That's disgusting!

I thought some of the credit cards for ppl with poor credit ratings at ~40 - 50%APR were atrocious, but this is unreal!

Have a read through this. http://forums.moneysavingexpert.com/...d.html?t=83984

They are getting a lot of airtime and advertising.

How desperate are people to borrow at 375% APR.

[MrRobin]

343%!!!!!!! That's disgusting!

I thought some of the credit cards for ppl with poor credit ratings at ~40 - 50%APR were atrocious, but this is unreal!

[Dow Jones]

At W***

I know someone that's got a Lada and is looking for a loan to get by for Xmas. Someone please tell him

[Bright Spark]

yeh, most of these cars must have an engine or some other major parts missing.

[DimPrawn]

Looking on money supermarket.com you can get a 15k loan for 6 months costing you 2555.22 a month. If you had 10 suckers taking out £1500 loans that would give you 583/week, or 2526 per month. So this lot pay your loan off in 6 months. For the remaining 6 months you get 2526 for nothing!

That was my thinking.

Either you end up with a large free income or a collection of free cars to sell.

Win win.