Author Topic: Pay Day loans (Read 838 times)

stoop · « **on:** December 09, 2011, 18:49:57 PM »

I've seen a bit in the news over the last week or so. How sad that people have to resort to borrowing from these people at such inflated interest rates - from Payday UK:

Â³Representative example: £750 borrowed for 28 days. Annual interest rate of 300% (Fixed).
Total amount payable by one repayment is £937.50. 1737% APR Representative.

Highlander · « **Reply #1 on:** December 09, 2011, 19:13:49 PM »

Did you borrow that from another post stoop

KKOB · « **Reply #2 on:** December 09, 2011, 19:59:59 PM »

The rates aren't much different to those charged by the Tallyman years ago.

Colwyn · « **Reply #3 on:** December 09, 2011, 20:20:58 PM »

Or you could get an unauthorized overdraft from Lloyds TSB at (possibly) over 114,000% APR - except they don't call it "APR", they say it is "bank charges". Who are the loan sharks?

GordonA · « **Reply #4 on:** December 09, 2011, 21:26:20 PM »

I always thought that Usury was against the law, seemingly not !!

KKOB · « **Reply #5 on:** December 09, 2011, 21:51:51 PM »

If it was, then all banks would be illegal.

Colwyn · « **Reply #6 on:** December 10, 2011, 09:39:16 AM »

Islamic banking does not rely on usury.

Author Topic: Pay Day loans (Read 838 times)

Share me