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Discussion in 'Community Discussion' started by iNash, Apr 18, 2009.
Check the rate at the bottom of the page! WOW!
Seems reasonable to me. Sign me up!
I like it.
Should have read the small print... Damnit...
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.
Surely there must be some kind of FSA/Regulatory body to prevent this?
Why are you asking me? How would I know?
why should there be?
people have to agree to it to use their service. if they dont like it, dont borrow from them
I've never seen someone so happy about being raped.
I'm not... and stop calling me Shirley...
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$.
Usury, plain and simple.
(warning. link is literary)