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Is there no legal limit on the level of APR chargeable on a loan?

This is a disgrace. Preying on those people who don't understand the term APR no doubt

How can we have a Labour govt that allows this?

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Is there no legal limit on the level of APR chargeable on a loan?

This is a disgrace. Preying on those people who don't understand the term APR no doubt

The problem with a legal limit on APRs is that then poor people with bad credit records can't get small loans legally, and loan sharks move in charging APRs of thousands of a percent instead of hundreds. If you think that lenders charging 177% APR are making an obscene profit, then set up a business going after their customers and charging them 50% APR instead, and make your fortune.

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I once applied for a job with Provident, one of the questions they asked at the interview was

"What would you do if one of the customers threatened you with a carving knife?" :blink:

Bet you don't get that at Coutts............

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Is there no legal limit on the level of APR chargeable on a loan?

Why should there be? No one is forcing someone to get a loan. Should there be minimum and maximum odds on horse racing odds as well? What about the government balling out anyone who losses money on shares or houses? The government is not meant to be our nanny, insist on personal responsibility.

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"What would you do if one of the customers threatened you with a carving knife?"

What was your answer?

Give them the money back you have just robbed them of.

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What was your answer?

Give them the money back you have just robbed them of.

:)

I can't remember what I actually said, it was about 10 years ago. Suffice to say, afterwards there were plenty of things I wished I'd said. I didn't get a second interview, nor did I want one. The job description in the ad made it sound far better than "legalised loan shark", which is what it really was. £15k a year to get stabbed on a regular basis, no thanks.

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Why should there be? No one is forcing someone to get a loan. Should there be minimum and maximum odds on horse racing odds as well? What about the government balling out anyone who losses money on shares or houses? The government is not meant to be our nanny, insist on personal responsibility.

Maybe the costs of irresponsible lending aren´t only shouldered by the borrower and lender? (Though admittedly the same could be said for gambling I guess).

btp

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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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