183.2% apr

[retired_member32]

i know money is becoming hard to come buy but why would somebody want to get a loan at 183.2% apr,and it says typical underneath,i am finishing my bank deals site and one of the affiliates would like me to advertise on my site with that rate,and i get the lowest commision of the lot.....:twisted:

 

[GreyWing]

pretty good in Zimbabwe

 

[developdomains]

surely thats a misprint?

 

[retired_member32]

surely thats a misprint?

nope,try provident.co.uk

www.provident.co.uk

 

[richardys]

Try the loan calculator

http://www.providentpersonalcredit.com/products/LoanCalculator.aspx

Loan amount
£ 500.00

Weekly repayment
£ 25.00

Total amount payable
£ 775.00

Term
31 months

Typical APR
365.1%

 

[jimm]

You should see the payday loans!
Some are nearly 2000% (yep two thousand) APR.

And looking at my aff acount they do sell!

 

[DaveH]

You should see the payday loans!
Some are nearly 2000% (yep two thousand) APR.

And looking at my aff acount they do sell!

not nearly 2000% some are over - Look at https://www.uncle-buck.co.uk/No-Credit-Check-Payday-Loan-Get-Instant-Cash-Today.htm
Theirs is a wooping 2339.30%

This shouldn't be legal! Nothing more than a loanshark.

 

[CollyMellon]

IMO the majority of people that get high APR loans have no choice due to a bad credit rating and have to start somewhere to get their credit rating back up. But the ones over 2000APR are just a joke to look at.

 

[domainseller200]

Most people don't understand the true meaning where it quotes things like "2000% apr"

eg - if someone got a payday loan for £500 and had to pay back £750 then that would be 50% interest

If they had to pay the loan back within 1 week (as it is a payday loan) then there are 52 weeks in a year so the 50% refers to the interest which is due in the 7 day period would equate to 50% * 52 weeks = 2600% apr (annual percentage rate) so therefore they are quoting what it would be if it was a loan which was spread over the 52 weeks (annual)

It is calculated as annual percentage rate, but alot of loans eg provident,payday loans etc are paid back much sooner than a year so the loan percentage rate is multiplied to reflect the annual percentage rate (apr)

Hope this clears this up and people now understand it better

 

[retired_member32]

yes this is right,but the problem is these companies will lend you the money even if you are unemployed hoping you won't pay them back over 12 months or even longer,i think they are setting themselves up as a stop gap till your pay check comes but they will lend to absolutely anyone without a credit check,that's why the citizens advice bureau are taking a record number of calls, it is all unregulated crime,same goes with banks the bank of england have cut the interest rate and the banks have not passed it on they are all crooks.

 

[domainseller200]

I am not saying it is right or wrong, just explaining what the actual APR meant

 

[retired_member32]

I am not saying it is right or wrong, just explaining what the actual APR meant

i know what your saying domainseller but it really gets on my goat when these people target people that are struggling with paying the utility bills and over inflated mortgages.

 

[CollyMellon]

You have help me understand it alot better, cheers

Most people don't understand the true meaning where it quotes things like "2000% apr"

eg - if someone got a payday loan for £500 and had to pay back £750 then that would be 50% interest

If they had to pay the loan back within 1 week (as it is a payday loan) then there are 52 weeks in a year so the 50% refers to the interest which is due in the 7 day period would equate to 50% * 52 weeks = 2600% apr (annual percentage rate) so therefore they are quoting what it would be if it was a loan which was spread over the 52 weeks (annual)

It is calculated as annual percentage rate, but alot of loans eg provident,payday loans etc are paid back much sooner than a year so the loan percentage rate is multiplied to reflect the annual percentage rate (apr)

Hope this clears this up and people now understand it better

 

[devolution]

BTW, inflation in Zimbabwe is over 100,000% - imagine having that kind of credit card! Lol...

 

[GreyWing]

Mind you what is the inflation rate in this country, official government figures are 2.2% approx. Whilst Council tax up, 8%, fuel 24%, gas and electricity 18%, food 30%

The more I look it again the more I realise the government are right at 2.2%.

And we can laugh about Zimbabwe all we want and all the rigged elections, but I can tell you one thing. Mugabe got more votes to be President of Zimbabwe than Gordon Brown got to be Prime Minister of the UK.

How's that for democracy, and Gordon Brown's half way around the world talking about democracy

Only in Britain

 

[retired_member32]

didn't they say that 70% of the people in the uk didn't vote labour,because of turn out in the general election,i am sure i read it somewhere?