I can't believe an advert I have just seen on TV! It's for an internet company called "Quick Quid" and they offer loans to people, via the web, with no forms to fill in, with the idea that the loan gets paid on your next payday. APR???? 2356%!!!!!! Even as a short term loan, this is ridiculous! Surely this cannot be allowed in this day & age. It's like a loan shark via the internet!
I've seen it. Unfortunately they are regulated and allowed to do this.
Whilst they do charge extortionate fees, they are better than loan sharks - you won't get threatened with violence if you don't pay.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Whilst we were in desperate straits, I never considered using anything like this, and I wouldn't use them.
At least they are legal.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They also don't hide how high the APR is, so you go into it with your eyes open.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Quite agree Julie. I know they are taking a risk lending to people who may have a less than perfect credit record, but it's no excuse to charge such a high interest. They also charge a £25 'admin' fee when you take out a loan, so if you want to borrow £100, it's going to cost you £125 from the outset!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
