2222% APR Loan!!!!!!!!!!!!!!!!!!!!!! - Corsa Sport - for Vauxhall and Opel Corsa B, Corsa C and Corsa D

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Tiger

Member

Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline

24th Dec 09 at 11:37

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

Check out the APR's on these loans!!

Fucking jokers, shouldn't be legal, but then who would be stupid enough?

nathy_87

Member

Registered: 14th Aug 08
Location: West Mids. Drives: Škoda Fabia VRS 5J
User status: Offline

24th Dec 09 at 11:38

i think Mr_Doyle needed a loan for soemthing sometime back. Give him a shout.

Cavey

Member

Registered: 11th Nov 02
Location: Derby
User status: Offline

24th Dec 09 at 11:39

People in general are utter morons, of course they'll take out these loans.

Saw an ad on SSN for them the other day for that APR. Crazy

strick206

Member

Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
User status: Offline

24th Dec 09 at 11:40

The thing is, people will use them because they'll see it as money just for a week and not worry about paying a bit more back

Would love to do it myself but at 1000% APR

Cosmo

Member

Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

24th Dec 09 at 11:40

tbh this is based on a yearly rate, and they only tend to lend over a very short period (days to few weeks) so the rate is never actually that much.

It is still often massive though, something like £25 for every £100.

Tiger

Member

Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline

24th Dec 09 at 11:45

this loan company's charges are £10-14.50 per £50 per day

moka

Member

Registered: 11th Mar 06
User status: Offline

24th Dec 09 at 11:52

bargain

leon.

Member

Registered: 24th Jun 08
User status: Offline

24th Dec 09 at 13:14

i thought 21% waas bad when i applied for a loan I fooked that off too

Graham88

Member

Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline

24th Dec 09 at 13:27

I suppose for quick money it's not too bad aslong as you pay it off sharpish

LeeM

Member

Registered: 26th Sep 05
Location: Liverpool
User status: Offline

24th Dec 09 at 13:29

makes me laugh on the advert, "wages dont cover the bills? borrow some money till next pay day!" then next pay day have even less money to pay the bills and have to get a bigger loan...

leon.

Member

Registered: 24th Jun 08
User status: Offline

24th Dec 09 at 13:31

rich taking from the poor. Wheres old robin hood when you need him

Member

Registered: 10th Sep 03
User status: Offline

24th Dec 09 at 13:32

These loans are shocking, lee_wee has explained it perfectly...

LeeM

Member

Registered: 26th Sep 05
Location: Liverpool
User status: Offline

24th Dec 09 at 13:51

im sure theyd be straight there to offer another loan as well. it should be illegal its exploitation

LeeM

Member

Registered: 26th Sep 05
Location: Liverpool
User status: Offline

24th Dec 09 at 13:59

2356% on the advert, based on a 25% discount on the loan repayment as well

Cosmo

Member

Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

24th Dec 09 at 14:04

I dont understand how people are angry at this company

They arent forcing anyone to take the loan, its purely the persons choice if they take it out or not. And you can hardly say they are hiding their costs!!

Nath

Member

Registered: 3rd Apr 02
Location: MK
User status: Offline

24th Dec 09 at 14:09

What a disgrace. I'm so angry at this company.

Grrr.

etc....

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

24th Dec 09 at 14:15

quote:
Originally posted by Nath
What a disgrace. I'm so angry at this company.

Grrr.

etc....

Agree with Cosmo really. If you take the loan, you should know what you're letting yourself in for.

Plus, interest rates generally reflect the about of bad debt associated with the target people. Ok, so 2000% is probably a bit over the top, but still, loads of these loans won't ever get repaid, so the rate needs to reflect that. As I say, 2000% is silly, but 100% or 200% interest might reflect it better.

Tiger

Member

Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline

24th Dec 09 at 15:32

To some people though, it might be the one lifeline they have left, in which case, they arent stupid, just desperate. Incredibly, I bet there are 1000's of people in the UK that are desperate enough to actually take one out.

Whittie

Member

Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline

24th Dec 09 at 15:45

If you.....

Only joking Ben.

Makes me laugh how companies can make loans like that exist.

Marc

Member

Registered: 11th Aug 02
Location: York
User status: Offline

24th Dec 09 at 15:50

LOL.

DaveyLC

Member

Registered: 8th Oct 08
Location: Berkshire
User status: Offline

24th Dec 09 at 16:19

I cant imagine how shit your life would have to be to use a company like that!

Nath

Member

Registered: 3rd Apr 02
Location: MK
User status: Offline

24th Dec 09 at 16:49

quote:
Originally posted by Tiger
To some people though, it might be the one lifeline they have left, in which case, they arent stupid, just desperate. Incredibly, I bet there are 1000's of people in the UK that are desperate enough to actually take one out.

They should steal clothes from shops. It's the way forward.

P1CK4D

Member

Registered: 19th Jun 06
Location: Around Essex Somewhere
User status: Offline

24th Dec 09 at 18:01

quote:
Originally posted by Nath

quote:
Originally posted by Tiger
To some people though, it might be the one lifeline they have left, in which case, they arent stupid, just desperate. Incredibly, I bet there are 1000's of people in the UK that are desperate enough to actually take one out.

They should steal clothes from shops. It's the way forward.

Don't use quads though on train lines.

jacko198

Member

Registered: 1st Mar 07
Location: Buckinghamshire
User status: Offline

25th Dec 09 at 00:18

So thats 6% a day. I havent looked at what the least amount you can borrow is but if you borrowed £100 for a week you would have to pay £142 back.

For £1000 that would be £1420 inc interest :? that is just crazy!

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

25th Dec 09 at 01:18

You need to understand the maths of what is going on to understand why the figure is so high. These are short term loans, so when you project the charge for credit forward over a year period, which is what the A in APR equates to, the charges look huge.

In reality, these loans would be uncompetitive against a longer term loan and in the open marketplace, would not generally be adopted by consumers who have more than a basic level of skill in selecting a loan.

The charge also reflects the cost to the company in administering the loan, and the risk it stands in not being repaid. Consider that there is staff time in organising the borrowing and the amounts are so small it wouldn't be worthwhile appointing recover agents, so the debts probably get written off.

Ultimately, if there's demand for them, and they're regulated by the FSA in the appropriate way then what more can you do.

Do also consider that loans of this nature compare favourably to, for example, overdraft charges. By way of example:

Go overdrawn by £1.

Get charged £20.

Next day get paid and go back in to credit.

You've "paid back" £21 to borrow £1 for 1 day. I don't have the APR calculations to hand right now but that is rather more than that company.

[Edited on 25-12-2009 by Ian]

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