GnD

Member
FUMING How/Why is this allowed???
Just seen a commercial for this Crooked Company.

Take a look at the bottom of the page!!!!!!!!!!!!!!!! I thought on the ad they had missprinted it without the decimal point 23.56 but NNNOOOO it is repeated.


Online Payday Loans from QuickQuid.co.uk

29xykn7.jpg


Having worked in a bank and witnessed the naivety around this makes me so very sick!
 

GnD

Member
FUMING How/Why is this allowed???
I am so livid I am passing it around on facebook anyone that has me on theirs please circulate!!!!!!

The Government should have a ceiling apr and prohibit this legitimate life crippler!
 

Bill & Cate

Member
FUMING How/Why is this allowed???
Hiya

I hear what you are saying and yes, it is scandalous!!!!! However.......

This is a very short term loan to get you out of a fix. For example, if you are half-way through the month and have only £20 left in your bank account and you still have 4 direct debits to come out which will total say, £100, then the bank will "bounce" those four direct debits and charge you about £30 for each of them. A cool £120 in bank charges. (Bear in mind the bank haven't even loaned you any money - just taken £120 - what percentage is that????)

The loan company will charge you £20 for borrowing the £100 up until your NEXT PAY DAY - saving you £100.

I agree though that the APR is staggering - especially if you did not repay the £100 + the £20 charge on your next pay day. These types of loan are only for people who need to borrow till the next pay day - it is not a long term loan. However, heaven help anybody who was in real financial difficulty and thought this type of loan would be an "easy fix"!!!!!!
 
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Martyn

Member
FUMING How/Why is this allowed???
I agree though that the APR is staggering - especially if you did not repay the £100 + the £20 charge on your next pay day. These types of loan are only for people who need to borrow till the next pay day - it is not a long term loan. However, heaven help anybody who was in real financial difficulty and thought this type of loan would be an "easy fix"!!!!!!

Desperate people in other words. We've seen these sort of things where they can never repay it back and end up getting in debt fort £1000s :mad2: absolutely wrong. I would give someone £20 rather than them take one of these loans.
 
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GnD

Member
FUMING How/Why is this allowed???
Hi Bill & Cate,

Whilst most on this board can calculate the benefit in a short term borrow I can pretty much bet that it is not those people that apply, hence my anger.

Understanding APR should be taught in schools!!


I repeat there should be a ceiling for Apr and nothing this on this scale!
 

bebs

Member
FUMING How/Why is this allowed???
Thanks Martyn will forward you my bank details..............Bebs
 

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