posted on Nov, 23 2009 @ 03:16 PM
Yup, you read the thread title correctly.. 2356% APR
I couldn't believe my eyes when I saw that.
I was watching some TV and the adverts came on and there it was ... An advert for a 'payday loan'
Here is the actual site itself;
It's a loan designed for those who need cash quickly and can repay quickly.
My concern is for any who do not happen to read the APR and think they might be able to extend the repayments slightly.. It would only take one slip
up for the interest to start trickling in...
In these times we are all concerned about our money and how we spend it. We are all aware that many fall for the advertising too..
With the amount of people who have been stung recently by the banks, you'd think that companies who set an APR of 2356% would be monitored or at
least questioned about why their APR is set so high.
Obviously, some company/bank/person with a lot of money has set this up..
Personally, I feel this is a scam. It might work great for some, but this company knows for sure that others will get into difficulty and eventualy
lose their property..
They offer a loan up to 1000 GB pounds.
Add 2356% over a year and you will have to repay 23, 000
And don't forget to read the small print..
Finance charge will be between £10 and £14.75 per £50 borrowed.
Surely, this company has to be watched.. it seems nothing more than a legalized 'loan shark' company advertising on national TV.