Fruit Machine Chat

1743% APR! How is this legal? I think another was 2200%! Loan sharks are cheaper surely?

Jesus! Wonga.com! 4214%! Surely this is illegal?

Very short term loans are very high interest rates and should only be used if its a dire situation. the % is high however if it means paying rent and keeping the landlord off your back then it does provide a solution to someone that otherwise can't get Credit. The danger is if its something someone does month in month out.

Yeah but the point is that the "Loan shark" was someone who would lend money at a silly rate (1000%) and if no payment they would send "the boys" round for a knee cap or 2.

These companys are how they do it legally, the only difference is they send the bailifts round if non payment.
Never used em but its a shame that people need to

Its a cruel world.

streakseims wrote:Yeah but the point is that the "Loan shark" was someone who would lend money at a silly rate (1000%) and if no payment they would send "the boys" round for a knee cap or 2.

These companys are how they do it legally, the only difference is they send the bailifts round if non payment.
Never used em but its a shame that people need to

they dont and cant send baliffs...

they charge 2000% interest as someone said, on an APR, the idea is you only borrow the money for a day or two, the equivilent is getting REALLY desperate and asking a mate to lend you £20 --- ill pay you back £30 on friday.. please please etc.....

you borrow £300 for 2 weeks and pay back £350.. = MASSIVE APR.... but fills the gaps...

however, they have no more rights than if you default a gas bill...


get as many as you can, then ring them and tell them to FK off...

Used to sell loans for HFCBANK/Beneficial Finance that was at 49.9% a.p.r.

That was high then 2yrs ago, then credit crunch came and all payday lenders came out of the wood work. Payday lenders are o.k if you need them for 1mth MAX not longer, as you'll pay around £25 quid for every £100 borrowed.(not to bad),and if your a scrounger of the state.

Loan sharks are people/companies lending money that aren't regulated by the F.S.A and have no code of practice!!

Best thing is borrow as much as you want and declare youself bankrupt,or offer payment arrangement £1 mth.

P.S Baliffs(unless they have a court summons)/debt collectors can't do sweet f.a if you own money, not aloud to enter house without you letting them in,THEY can come in if you leave door ajar/window open. Rememeber they use SCARE tatics,9/10 the debt is to little for it to go to court(attachemnt of earning) and cost the companies to much money to pursue.

NOT ENCOURAGING ANY OF THE ABOVE.LOL

Going bankrupt puzzles me! A clown in bury has done it 4 times! How is this possible? Surely any company that runs a check should not lend to a bankrupt? Would you?

A lot of money 'experts' would say these short term loans aren't as bad as they sound, they are indeed, sold as a very short term, the ones that should be banned are the likes of the Provident and Britehouse and the like.

A couple of my mates

http://www.youtube.com/watch?v=C0NDOkSvCM0

They must mad. That's the scotish for ya.