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Get A Great Rate Of 34.9%

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And this is how they disclaim the APR %:

Understanding the APR

The APR stands for Annual Percentage Rate and is the interest payable on the amount borrowed and other charges expressed as an annual rate charge. All lenders have to tell you what their APR is before you sign an agreement.

APRs are a good way of comparing similar products but are not so effective when comparing different products. The following table demonstrates this:

Payday loan charges comparison table Type of loan Amount Month Total repayment APR Actual interest

Installment £500 36 £745 16.9% 49%

Installment £500 60 £970 16.9% 94%

Payday £500 1 £625 1737% 25%

As you can see the APR for the two installment loans are the same but the actual interest repaid as a percent of the loan is hugely different – and much higher than a payday loan.

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Even the big banks have "divisions" which specialise in shocking loans.... LTSB for instance have Balck horse which apart from doing all the car finance etc also has 60 or so "off high street" branches..... here they attract customers in and give them relatively small loans , their whole book has a half decent bad debt profile compared to their main loan book.... but becasue the salesmen are rewarded (or were) largely on margin retained it meant that some customers were getting loans with APRs of 50% or more..... quite shocking when they were relatively low risk..... some lenders advertise the high charges they make, others don't but they are all it somwhere along the line.

All financial institutions will make an indecent margin if they can get away with it... after all they are in it for profit... and theres nothing illegal in it.... but of course at the same time they are trying to persuade you that they are a good company to have a relationship with... hwich is possibly not the case.

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