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i've just seen these shysters advertised on TV ....

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vRStu:
These are some serious rates!!!

Rate
Tier   Loan Amount   Finance Charge   Due Next Pay Date   Due Following Pay Date   Total Amount Paid to QuickQuid     APR

Excellent   £50.00   £10.00   £10.00   £60.00   £70.00                                                                                     819.12%
Good     £50.00   £12.50   £12.50   £62.50   £75.00                                                                                     1410.33%
Average   £50.00   £14.75   £14.75   £64.75   £79.50                                                                                     2222.46%

http://www.quickquid.co.uk/fee-schedule.html

Their maximum loan is £1500, I'd hate to imagine what that would cost!!


--- Quote ---Terms and Conditions apply. Finance charge will be between £10 and £14.75 per £50 borrowed. Typical 2278% APR. †Loan amounts are based on consumer's credit history and ability to repay loan. Not everyone may qualify for £1500 ‡QuickQuid performs traditional credit checks, while still accepting those with less-than-perfect credit. QuickQuid verifies applicant information via various national databases. §Funds will be deposited the same working day, if approved by 14:30. ¶Approval may take up to 30 minutes in most cases. Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counselling.
--- End quote ---

vRS Carl:
I saw one of those recently and there APR rate was 2360%  :surprised: :surprised: :surprised:

Daylight bloody robbery if you ask me.

S2 Ant:
Yeh i've recently been amazed that these things are allowed - talk about cashing in on people. the rates are outrageous, this kind of thing shouldnt be allowed, no matter how clear the costs are made!

Hurdy:
a £1500 loan over a year at that apr would mean paying back (approx!) £18,000  :stupid:

If something happened and you couldn't pay anything back on £1500 for a year you would accrue £33,330 in interest

Now basically that is legalised robbery.

I know they say it isn't a long term solution, but you'd have to be SERIOUSLY desperate to even consider any of those payment plans :surprised:

Bare in mind that these are targeting the poorest people who cannot get money from elsewhere and it is totally outrageous. :fighting:

andrewparker:
They're very upfront about the rates, the problem is that they're praying on people who are not intelligent enough to understand the implications of such an astronomical rate.

It's very similar to companies like Brighthouse, they'll give you a 50" Plasma screen for every room in your house, and you don't even need to prove you earn any money, or own your own house. Of course it is going to appeal to a certain kind of person!

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