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Daylight Robbery!

Yes, I enjoy TWO HUNDRED AND FIFTY FOUR POINT FIVE PERCENT AYE PEE ARE. I went a little crazy on the caps, not usually like me, but I felt it was needed.
 
iNash said:
Surely there must be some kind of FSA/Regulatory body to prevent this?
Click to expand...

At least 245% APR is not misleading and you can compare it with the 20% APR of a credit card.

I saw an advertising here in New Zealand for loans with 8% interest rate per week with no information about the APR given. For many of the New Zealanders and other people not understanding interest this might look like a bargain compared to other products like credit cards.

I doubt they would think one second about a loan with a given APR over 5000% and would even suggest that the advertising has to give following information: For each 1,000 we give you today we expect 54,000 at the end of the year back.

As an example: In New Zealand the 1,000 NZ$ buys you a cheap TV, while the average income is around 45,000 NZ$.
 
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