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437.4% Apr!!!

Vultures
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Re: 437.4% Apr!!!

Bloody hell. I thought capital one was bad at 34% APR
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Re: 437.4% Apr!!!

Tell me that's not a real website!
 
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Re: 437.4% Apr!!!

That's unreal, you gotta be really desperate for £1500 to take that route. How do they get away with it?!
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Re: 437.4% Apr!!!

Im gonna apply
That'll get me a months supply o Buckie, yeehaa!!
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Re: 437.4% Apr!!!

Unbelievable, loans up to 50k.

Vanquis et al are bad enough but these buggers need to be put out of business.
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Re: 437.4% Apr!!!

holy moly

at least dick turpin had the decency to wear a mask



plus the loan is secured on your car - so if you don't pay they can legally take your car off you
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Re: 437.4% Apr!!!

Don't you have usury laws in England? In most countries I know of, there is a cap as to what premium to charge above a base lending rate, usually in the 20-25% range.
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Re: 437.4% Apr!!!

Quote:
Originally Posted by BigFoot View Post
Don't you have usury laws in England? In most countries I know of, there is a cap as to what premium to charge above a base lending rate, usually in the 20-25% range.
Crikes, we'd be lucky if we had that here!
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Re: 437.4% Apr!!!

sick...usury...yes...but this is unbelievable usury!
poor sods that get left with that as a last resort...instant road to oblivion!
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Re: 437.4% Apr!!!

This is usuary, plain for anyone to see, but our government will not lift a finger, because you cannot forbid this sort of thing under extreme capitalism. I think it is disgusting that the poorest in society are so desperate, that they will be forced to take out "loans" like this. The government however, make lots of money taxing the profits of these companies, and in a free market economy, how can you put a limit on anything the financial sector does?
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Re: 437.4% Apr!!!

That has got to be a joke, if its not then the goverment really should take action to put these companies out of business, even the illegal money lenders wont charge that much
 
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Re: 437.4% Apr!!!

must be a wind up....
 
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Re: 437.4% Apr!!!

No matter how bad you are at arithmetic that surely could never look like a good deal.

However some people will only ever look at the cost per week.

Sometimes a nanny state ought to get off its overstuffed arse and really do something to help by criminalising 'businesses' like this.
 
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Re: 437.4% Apr!!!

Christ almighty!

Loan Amount Weekly Repayment Loan Term APR Total Repayable
£1,500 £53.60 78 weeks 437.4% £4,180.80
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Re: 437.4% Apr!!!

It's definately not a wind up, loads of posts from poor vulnerables here...
Log Book Loans Again.... - The Consumer Forums

I remember at school we got taught about APR; probably one of the best "real life" lessons I was taught in Maths
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Re: 437.4% Apr!!!

another one for you, typical 183% apr https://www.providentpersonalcredit....T&st=provident
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Re: 437.4% Apr!!!

Quote:
Originally Posted by kanerz View Post
It's definately not a wind up, loads of posts from poor vulnerables here...
Log Book Loans Again.... - The Consumer Forums

I remember at school we got taught about APR; probably one of the best "real life" lessons I was taught in Maths
From that site:

Quote:
Hi everyone. After reading all your views and opinions i thought i would like to inform you that two cases have now been to the high court and both occasions going in favour of Log book Loans as they are doing a favour to people who can not find credit elsewhere. He concluded this was the customers resposiblities to make sure they know what they are entering into before signing whatever the finacial reason is. Hope this helps even if not what we would all like to hear.
Which seems to be in direct contradiction to the consumer credit act.
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Re: 437.4% Apr!!!

Although it seems as if he might be a plant from log book loans.
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Re: 437.4% Apr!!!

That sort of lending is actually a mugs game on both sides. To borrow on those terms you'd have to have pretty much exhausted all other lines of credit you can get your hands on. To have done that - you must have a pretty bad track record at repaying what you borrow.

If you were the lender, how much in your favour would you want the terms to be in order to lend money to someone who, almost by definition, is unlikely to pay you back? Any lender who has funds to lend out can find a hell of a lot more profitable ways of lending it than by giving money (regardless of APR) to people with a history of not paying it back.

Basically - anyone who needs money on those terms should never be lent money too...... and anyone who wants to lend money to people who don't pay back should never be in a position to lend either!
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Re: 437.4% Apr!!!

But all the company are apparently interested in is getting as much money as they can, then nabbing their car to sell at auction. So they're not losing out.
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Re: 437.4% Apr!!!

Cloverleaf, I hardly think that I am the one who is coming on a "bit strong". You obviously believe that finance companies should be able to charge whatever they want, irrespective of the economic position at the time. The people who are in your opinion, "supplying a need", are like bloodsuckers, and need stamping on double quick, because they force the poorest people into further depths of despair. This in my opinion, is the greatest dream of Thatcherite economists - let the "loadsamoney" people survive, and to hell with the rest of us.
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Re: 437.4% Apr!!!

nobody's forcing them to take out such a loan and i'm in full agreement that the individual should take responsibility for his/her own actions if they've answered an advert, but i like to think that any decent society/regulatorly body would draw a line SOMEWHERE - the line between making a fair profit in relation to the risk of lending to such people, and just plain old-fashioned taking the p*ss

lenders like that are just bloodsuckers and should be stamped out
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Re: 437.4% Apr!!!

Cloverleaf, the people who are taking these loans out, are not buying cars or plasma televisions with the money, they are buying food, paying for their rent, and just trying to survive. They cannot get any money from the High street banks, so have put themselves at the mercy of the "moneylenders". Very often, they intend to pay off the loan with their next pay cheque, but it never quite works out like that. To these poor people, the energy companies are not being "a bit naughty", they are like the robber barons of medieval times. Over the last year, every essential you can think of has increased in price - light, heat, fuel, water, council tax, insurance. There are so many people in this country earning less than £15K a year, and they are the ones in poverty. Wages for ordinary people have not increased in over 10 years, but there has been massive inflation at the other end of the scale. There is now a larger gap between rich and poor, than there was nearly a hundred years ago.
I have not heard many people with your views "I don't see a problem with finance companies charging what they want to", so I would guess (I could be wrong of course), that you work in the financial sector. The very fact that the Government has stepped in to bail out the banks, and the fact that the US government has stepped in to assist their two largest mortgage lenders, merely shows that Capitalism in it's present form does not work. In a true "free market" economy, these two institutions would have been left to sink, and that would have been a warning to others. By intervening and helping the banks to survive, you are interfering in the mechanics of the system. I would prefer a system where the banks and essential services are all controlled by the government, and if that means nationalisation, then so be it, because the present system, with it's inequalities of wealth, and blatant corruption is not working.
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Re: 437.4% Apr!!!

Although I agree that these loans should not be offered as I believe they're unreasonable, I don't agree that Fanny Mae and Freddy Mac should not have been bought out.

Fanny Mae and Freddy Mac had a financial interest in nearly 50% of homes in America. Had they been left to just die then there would have been mayhem with hundred of thousands of people defaulting on their mortgages and having their homes repossessed. It wasn't an act of the American government to save the companies, but was an act to protect the economy and save people from becoming homeless. It would have had a massive knock on effect over here too.

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