Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[aaronjb]

Disgraceful, yes .. but the bit about the man shaped hole made me laugh out loud.

They're building a whole load of "shared ownership" houses just down the road from me - I look forward to the crime figures going through the roof 

[Field Marshal Dr. Opti]

Not that I agree with payday loans in any way .. it is ripping of the people who can least afford it IMHO ...  the APR's quoted are a bit of a nonsense.... as the folks using the service probably don't understand them

The law requires APR to be quoted for all loans, the idea being that a comparison on the cost of the loan can be made, however the bit people forget is that APR stands for ANNUAL percentage rate... ie you have the loan for a year and pay back over that time.

Payday loans are designed for much shorter periods, generally a week or a month, and are commonly sold with far simpler terms being quoted .... "borrow £100 for a week and it will only cost you £10 a week extra over a month .... so the gullible person thinks that is 10% interest ... the APR here is a wopping 5214% !!!  (£100 loan, repayment after a month £140, compounded over 12 months .....)

The problem is that the folks who take out the loan often cannot payback on time, and the interest rates mount rapidly and uncontrollably. many folk think they should be banned, but they will only be replaced by something equablly as bad ..

Agreed...

[Vamps]

Equally as bad, at the very least, back, if they ever really went away, will come the illegal money lenders with their heavy handed methods of recovery.....