Calis Beach and Fethiye Turkey Discussion Forum

General Topics => All things that have nothing to do with Turkey => Topic started by: stoop on December 09, 2011, 18:49:57 PM

Title: Pay Day loans
Post by: 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:

³Representative example: £750 borrowed for 28 days. Annual interest rate of 300% (Fixed).
Total amount payable by one repayment is £937.50. 1737% APR Representative.

Title: Pay Day loans
Post by: Highlander on December 09, 2011, 19:13:49 PM

Did you borrow that from another post stoop ;)

Title: Pay Day loans
Post by: KKOB on December 09, 2011, 19:59:59 PM

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

Title: Pay Day loans
Post by: Colwyn 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?

Title: Pay Day loans
Post by: GordonA on December 09, 2011, 21:26:20 PM

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

Title: Pay Day loans
Post by: KKOB on December 09, 2011, 21:51:51 PM

If it was, then all banks would be illegal.

Title: Pay Day loans
Post by: Colwyn on December 10, 2011, 09:39:16 AM

Islamic banking does not rely on usury.