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[Jay w]

surfing the net i came across this

http://www.simplefastloans.co.uk/

Logbook loans....what a dumb idea.....and then i saw the APR

[size=16]Typical 437.4% APR[/size]  

[Golfbuddy]

PMSL

Borrow £1,500 and pay it back after one month. Total amount payable £1,845.27.

£345.27 interest in four weeks.

I may go into the money lending business.

[albitz]

shouldnt be allowed

[LaserLance]

sounds like legalised loan sharking to me , wonder if Watchdog go take a look at it  :question

[STMO123]

Cash converters have been doing 'log book loans' for a while now. Dont know what the APR is........... :-/

[Vamps]

Cash converters have been doing 'log book loans' for a while now. Dont know what the APR is........... :-/

Do they hold your car log book, like loan sharks used to hold the child benefit book.

[miggy]

These tinkers should be closed down

[amigov6]

It's not illegal or wrong any more than many of you pay interest on credit cards or store cards.
     You don't have to sign up to the card or take out the loan. I've tried both, paid them off & learned not to do it again.
    
    That was my fault, no one elses.

[miggy]

It's not illegal or wrong any more than many of you pay interest on credit cards or store cards.
     You don't have to sign up to the card or take out the loan. I've tried both, paid them off & learned not to do it again.
    
    That was my fault, no one elses.

Totally understand but theres a difference from 14.9% to 437%.  these blood suckers prey on vunerable people who have no where else to turn.........its wrong that it is allowed....you say you learned not to do it again, but you most likely had too...it just aggrivates me that these people prey on that.

[Jay w]

It's not illegal or wrong any more than many of you pay interest on credit cards or store cards.
     You don't have to sign up to the card or take out the loan. I've tried both, paid them off & learned not to do it again.
    
    That was my fault, no one elses.

you are 100% correct, at the end of the day it is down to the consumer....

These companies are praying on those who are finacially weakest, and then making huge profits from it, again this is a free world, but 400% apr is wrong and should be made illegal....

[Vamps]

It's not illegal or wrong any more than many of you pay interest on credit cards or store cards.
     You don't have to sign up to the card or take out the loan. I've tried both, paid them off & learned not to do it again.
    
    That was my fault, no one elses.

Totally understand but theres a difference from 14.9% to 437%.  these blood suckers prey on vunerable people who have no where else to turn.........its wrong that it is allowed....you say you learned not to do it again, but you most likely had too...it just aggrivates me that these people prey on that.

And with christmas and high fuel bills coming they will do very well indeed

[zirk]

Totally agree with what's being said, with curent credit crunch, when someone is really desperate for some cash (and I've been there) they don't think about the repayment terms but just gratefull for some money to keep them going.

[Markjay]

...and if you don't keep up with payments, I suppose Rocky Balboa will come round and pay you a visit...?  

[SheWhoMustNotBeOUTBID]

I avoid anything like that.  Bad experiences with shop cards (2) when I was 18.., taught me a valuable lesson.., took me years to pay off what were fairly small balances (but I had small earning then too lol).  When TV broke a few months back and i had no idea how to replace it, did panic and had the 'buy to rent' people round.  But when I realised I'd be paying £1,000 more for the TV than online prices AND extortionate interest rates I decided to do without.  Thank goodness lol (found an LCD TV with 60% off a few weeks later for £300ish).

I've learned the hard way if u ain't got the money to pay for it, u can't afford the credit to pay for it either lolol.

[Kevin Wood]

I wonder if you can secure loans on body parts yet?  

Kevin