|
|
Post by dvh on May 2, 2018 16:30:49 GMT
I notice that an advert on here from some firm called 'Quick Quid' is offering loans at a very reasonable rate of 1294%. I am considering taking out a loan with them to buy some audiophile fuses which would otherwise be beyond my means. What could possibly go wrong?
|
|
|
|
Post by MartinT on May 2, 2018 16:57:33 GMT
How long have you got...?
We have no control over the ads but you can report a bad (or, in this case, an immoral) one to ProBoards.
|
|
|
|
Post by MikeMusic on May 2, 2018 17:26:05 GMT
Quick quid and their like shouldn't be legal.
Certainly not moral.
Seen their TV ads and I went back a couple of times to check I had read that 1294% right
|
|
|
|
Post by Chris on May 2, 2018 17:49:47 GMT
1294% - please bear in mind this is the APR. Of course it's going to be sky high for a short term loan.
|
|
|
|
Post by MikeMusic on May 2, 2018 18:08:24 GMT
Which for a short term loan is plenty high, but then how many people go much longer term with it
|
|
|
|
Post by ChrisB on May 2, 2018 18:25:06 GMT
....how many people go much longer term with it That's what they're banking on. Quite literally! |
|
|
|
Post by Chris on May 2, 2018 18:36:46 GMT
Which for a short term loan is plenty high, but then how many people go much longer term with it Not really. £200 over 14 days would cost you £22.40 at 1509% Apr. Agreed though it's the longer term that bollockses people - however it's not the rates it's not understanding personal finance that's the real point here. |
|
|
|
Post by MikeMusic on May 2, 2018 20:47:46 GMT
Which is fine for 14 days
But in a world where too many need protecting from themselves even the meaning off
understanding personal finance
is beyond them
|
|
|
|
Post by MartinT on May 2, 2018 20:54:13 GMT
Those companies prey on exactly the types of individual not capable of keeping to a repayment schedule. Immoral scumbags.
|
|
|
|
Post by Chris on May 3, 2018 17:02:12 GMT
Agreed it's pretty crappy but there is personal responsibility too.
|
|
|
|
Post by MartinT on May 3, 2018 17:10:48 GMT
Oh yes, I don't believe in the blame game.
|
|
