bogbrush Posted March 11, 2010 Share Posted March 11, 2010 Words failed me - an unusual event some might say - when I saw this lot advertising on TV last night. http://www.quickquid.co.uk/fee-schedule.html Truly the nation is lost if they are successful enough to advertise on TV. Quote Link to comment Share on other sites More sharing options...
deflation Posted March 11, 2010 Share Posted March 11, 2010 I've seen it a few times since Christmas, usually on Dave. They do say: "Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counselling." On the website though, I notice this bit is in very small print at the bottom. Quote Link to comment Share on other sites More sharing options...
arby1 Posted March 11, 2010 Share Posted March 11, 2010 (edited) I've seen it a few times since Christmas, usually on Dave. They do say: "Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counselling." On the website though, I notice this bit is in very small print at the bottom. if i lend you £100 today on the agreement you pay me £101 back tomorrow you'd think it was an ok deal, right? Assuming you needed the money for a short-term need. What do you think the APR is on this deal that sounds pretty good and does serve a purpose? A. 38% B. 380% C. 3800% edit: I agree though that the people that use these services are almost certainly storing up huge problems for themselves, but the loan itself isn't a bad rate for such a short-term agreement. Edited March 11, 2010 by arby1 Quote Link to comment Share on other sites More sharing options...
bogbrush Posted March 11, 2010 Author Share Posted March 11, 2010 Sure, but they lend up to £1500 and allows 5 roll-overs. Could easily become VERY nasty. Quote Link to comment Share on other sites More sharing options...
bogbrush Posted March 11, 2010 Author Share Posted March 11, 2010 (edited) Alarmingly they refer on the home page to helping "hard working Britons". You don't think you-know-who could be involved, do you? EDIT: I'm not convinced that girl needs to be paying 2000+% to lay her hands on £400 quickly. Edited March 11, 2010 by bogbrush Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted March 11, 2010 Share Posted March 11, 2010 Words failed me - an unusual event some might say - when I saw this lot advertising on TV last night. http://www.quickquid.co.uk/fee-schedule.html Truly the nation is lost if they are successful enough to advertise on TV. Sounds fair, they need to cover them selves against Gordons ever disintegrating pound, they could get 1 quid back a day later being worth less than a yen Quote Link to comment Share on other sites More sharing options...
leicestersq Posted March 11, 2010 Share Posted March 11, 2010 Sounds fair, they need to cover them selves against Gordons ever disintegrating pound, they could get 1 quid back a day later being worth less than a yen Sounds fair to me too. I cant see how anyone using one of these loans is ever going to feel inclined to pay it back. You need that super high rate of interest to pay the boys to put the pressure on when collecting. That sort of treatment doesnt come cheap. Quote Link to comment Share on other sites More sharing options...
Sourman Posted March 11, 2010 Share Posted March 11, 2010 Ah yes the free market again. Should be outlawed and directors disembowelled. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted March 11, 2010 Share Posted March 11, 2010 Ah yes the free market again. Should be outlawed and directors disembowelled. Is it? , in Hong Kong which is uber capitalism, APR isn't allowed to be more than either 70% or 170% I forget which one. A pretty famous case was a woman who loaned out at over 9000% APR was put into prison, she stated that she was doing her clients a favor by offering such low rates. Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted March 11, 2010 Share Posted March 11, 2010 Ah yes the free market again. Should be outlawed and directors disembowelled. Sounds like a very expensive free market to me. And we all know what happens when the banksters got their way with a free market - apparently it corrected itself at my expense... Quote Link to comment Share on other sites More sharing options...
bogbrush Posted March 11, 2010 Author Share Posted March 11, 2010 Ah yes the free market again. Should be outlawed and directors disembowelled. Sadly missing the point entirely. The problem isn't that there's someone out there offering this garbage, it's that there are people so hopelessly confused as to buy it. It's a bit like drug dealers; they are incidental - the real problem is there are people who want to stuff chemicals down their mouths to create positive feelings. As I said at the start; "Truly the nation is lost if they are successful enough to advertise on TV. " Quote Link to comment Share on other sites More sharing options...
bogbrush Posted March 11, 2010 Author Share Posted March 11, 2010 Sounds like a very expensive free market to me. And we all know what happens when the banksters got their way with a free market - apparently it corrected itself at my expense... If only the bankers did exist in a free market we'd be ok. If we start by removing the monopoly on currency for a kick off they mostly go out of business overnight. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted March 11, 2010 Share Posted March 11, 2010 Sounds like a very expensive free market to me. And we all know what happens when the banksters got their way with a free market - apparently it corrected itself at my expense... yes but quickquid is too big to fail, so no bailout worries here... Quote Link to comment Share on other sites More sharing options...
Stay Beautiful Posted March 11, 2010 Share Posted March 11, 2010 Sub Prime Lending. Figures are a reflection of Risk and Reward. No one is forced to lend off these people. Quote Link to comment Share on other sites More sharing options...
Charlie Don't Surf Posted March 11, 2010 Share Posted March 11, 2010 Maybe it's just these guys used actuaries who can actually do their sums. Unlike all those sub prime lenders who went pop recently Quote Link to comment Share on other sites More sharing options...
CviewUK Posted March 11, 2010 Share Posted March 11, 2010 Some posters on MSE have them from 4/5 providers: http://forums.moneysavingexpert.com/forumdisplay.html?f=76 Quote Link to comment Share on other sites More sharing options...
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