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BlueRhino

Worst Interest Rate Ever?

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Hi,

Upon opening my mail this morning, I discovered an invitation from a company to apply for a loan for xmas.

Quick cash loan, no complicated forms, CCJs no probs, yadda yadda.

The MAXIMUM you could apply for was £500, and the interest rate....wait for it........177% :o

Yep, not a typo, that's one hundred and seventy seven.

I was absolutley shocked. I don't remember anything like this for a good few years now, so what does it mean?

Does it mean that people can no longer be trusted for low interest rate loans in case they can't pay them back, or that there is such a market out there with so many people with bad credit that enough people would take this offer as they could not get anything else.

This looks like a slippery road once entered on. I wonder how many souls filled it out for pressies for the kids etc.

Maybe this company should be congratulated on seeing a growing market, (or maybe not, eh, bloody leeches)....anyhow, a sign of the times to come, I fear.

BR

:)

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Hi,

Upon opening my mail this morning, I discovered an invitation from a company to apply for a loan for xmas.

Quick cash loan, no complicated forms, CCJs no probs, yadda yadda.

The MAXIMUM you could apply for was £500, and the interest rate....wait for it........177% :o

Yep, not a typo, that's one hundred and seventy seven.

I was absolutley shocked. I don't remember anything like this for a good few years now, so what does it mean?

Does it mean that people can no longer be trusted for low interest rate loans in case they can't pay them back, or that there is such a market out there with so many people with bad credit that enough people would take this offer as they could not get anything else.

This looks like a slippery road once entered on. I wonder how many souls filled it out for pressies for the kids etc.

Maybe this company should be congratulated on seeing a growing market, (or maybe not, eh, bloody leeches)....anyhow, a sign of the times to come, I fear.

BR

:)

Legalised loansharking is what it is, why take benefit books of the poor and march them to the post office when you can operate nice and cleanly. My infirmed brother in law received an application from a company called vanquish for their credit card, the apr was 77%! :angry:

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I got the same thing though I think it was a typo because the amount to repay looked about right if it was 17.7%

However, how stupid can you be to get the most important figure in your leaflet wrong??? Almost as stupid as anyone would be to take this offer up.

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I got the same thing though I think it was a typo because the amount to repay looked about right if it was 17.7%

However, how stupid can you be to get the most important figure in your leaflet wrong??? Almost as stupid as anyone would be to take this offer up.

Yeah, just had look at the example they gave. £300 over 12 months, pay back £495, still about 66%.

Why no example for the £500, is that @ 177% ???

Still wrong.

BR :)

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People dont understand interest rates, they see banks as confusing and go for the easy option. These people deal with cash and cash in hand, I know of several people who got money like this, through a high street loan shark company...

You go down to a counter in town and they give you cash before you get paid. It isnt sold as interest but as money before you get paid.. Ie come in we will give you 100 quid, and you pay 20 pounds every week but the 'loan' goes down by 3 pounds every week until it is paid beack or they have the money. Everything is in round figures, everything is simple to understand. These people want 100 pounds today to buy something for christmas, and the 20 pounds a week is less than there weekly mobile phone topup...

These people also tend to have one of those hire tvs, that has a money box under it. You put money in the tv every day to make it work and the tv people comes round to collect it....

Money in a bank isnt money, to these people, money can only be trusted if they have it in there hand, and if they have it in there hand they spend it... There ripe for ripping off...

Edited by moosetea

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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