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Thread: WTH!! is with all these RIPOFF LOANS??

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    S1L3NT danroyle's Avatar
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    WTH!! is with all these RIPOFF LOANS??

    having a bad day for loan offers. would like to say am not looking for one as we already too0k one a couple of years back and got 7.9% unsecured loan from lloyds and was happy with that.

    Today the missus got a letter from provident personal credit offering a loan of up to £500 with the wonderfully low interest rate of 254.5% APR and then i get an email from payday uk offering me a payday advance at a LOW LOW Rate of 1737% APR.

    how the hell can a company offer interest rates like these its absolutely criminal fortunately for me and the missus we dont need to take these offers up but i have poorer friends that have and it gets them into worse trouble.


    Surely the finance industry should be better controlled especially seeing as the people that really need credit cant get it and people with no need get it chucked at them left right and centre.

    Sorry for the RANT needed to vent


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    WEEEEEEEEEEEEE! MadduckUK's Avatar
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    re: WTH!! is with all these RIPOFF LOANS??

    did they lie about the APR? i don't see a problem - read, laugh, put in blue bag.
    Quote Originally Posted by Ephesians
    Do not be drunk with wine, which will ruin you, but be filled with the Spirit
    Vodka

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    S1L3NT danroyle's Avatar
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    re: WTH!! is with all these RIPOFF LOANS??

    Quote Originally Posted by MadduckUK View Post
    did they lie about the APR? i don't see a problem - read, laugh, put in blue bag.
    no they didn't lie. i was more making the point on how the hell can these people legally charge that much interest.


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    re: WTH!! is with all these RIPOFF LOANS??

    I saw one of those paydayuk loans too and couldn't believe the apr but you have to remember it's only for a month, so once you work it out, it's still high but not massive.

    Andy

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    DILLIGAF GoNz0's Avatar
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    re: WTH!! is with all these RIPOFF LOANS??

    providents there to catch the single mothers on benefits and have em hooked for years.

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    re: WTH!! is with all these RIPOFF LOANS??

    Quote Originally Posted by GoNz0 View Post
    providents there to catch the single mothers on benefits and have em hooked for years.
    Same with these finance cards that you see like Edge and GE Money, finance agreements, what a mess that can turn out to be.

    Andy

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    Pseudo-Mad Scientist Whiternoise's Avatar
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    Re: WTH!! is with all these RIPOFF LOANS??

    They're no worse than companies like the National Accident Helpline or Ocean Finance, for reference:

    "Provident defends this rate by saying home credit provides transparency, certainty and lower-risk borrowing for those who have to manage their budgets carefully because they are self-employed, for example, or on lower incomes. A Provident spokeswoman said: "The Provident home credit APR may appear high because it includes not just the interest charge, but also the cost of the agent's visits to the customer's home and the guarantee that the amount owed will never rise - even if a customer needs longer to pay or has to miss repayments, no extra charges or default interest is imposed.

    "Commenting on APRs, the Office of Fair Trading stated that 'an apparently high APR for a single, short-term cash loan does not necessarily indicate excessive cost'.

    "Customers like the fact that home credit includes all of the costs up-front and knowing exactly how much they will have to pay back helps them to remain in control of their finances; 94 per cent of our customers tell us they are satisfied with our service."

    They claim that a £300 loan is repaid with 55 £9 weekly payments. They take it even if you don't spend anything that week/month.

    http://www.thisismoney.co.uk/credit-...2&in_page_id=9

    Stuart Glendinning, managing director at moneysupermarket.com, said: "The reality is that Provident is servicing a part of the market no other bank will touch.

    "Arguably, the bigger problem is there are millions of adults who cannot obtain unsecured credit. Non-homeowners, especially with some history of late or missed payments, are the modern-day lepers as far as the banks are concerned.

    "Provident will only lend small sums, typically £500, but everything is clear and straightforward. They do not credit score or apply early repayment penalties and the rate you see is the rate you get.

    "It would be stretching things to claim they offer a social service, but for many it is Provident or a loan shark - and I'd prefer the former any day."

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