i've just seen these shysters advertised on TV ....

[vRStu]

These are some serious rates!!!

Rate
Tier   Loan Amount   Finance Charge   Due Next Pay Date   Due Following Pay Date   Total Amount Paid to QuickQuid     APR

Excellent   £50.00   £10.00   £10.00   £60.00   £70.00                                                                                     819.12%
Good     £50.00   £12.50   £12.50   £62.50   £75.00                                                                                     1410.33%
Average   £50.00   £14.75   £14.75   £64.75   £79.50                                                                                     2222.46%

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

Their maximum loan is £1500, I'd hate to imagine what that would cost!!

Terms and Conditions apply. Finance charge will be between £10 and £14.75 per £50 borrowed. Typical 2278% APR. †Loan amounts are based on consumer's credit history and ability to repay loan. Not everyone may qualify for £1500 ‡QuickQuid performs traditional credit checks, while still accepting those with less-than-perfect credit. QuickQuid verifies applicant information via various national databases. §Funds will be deposited the same working day, if approved by 14:30. ¶Approval may take up to 30 minutes in most cases. Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counselling.

[vRS Carl]

I saw one of those recently and there APR rate was 2360% 

Daylight bloody robbery if you ask me.

[S2 Ant]

Yeh i've recently been amazed that these things are allowed - talk about cashing in on people. the rates are outrageous, this kind of thing shouldnt be allowed, no matter how clear the costs are made!

[Hurdy]

a £1500 loan over a year at that apr would mean paying back (approx!) £18,000  

If something happened and you couldn't pay anything back on £1500 for a year you would accrue £33,330 in interest

Now basically that is legalised robbery.

I know they say it isn't a long term solution, but you'd have to be SERIOUSLY desperate to even consider any of those payment plans

Bare in mind that these are targeting the poorest people who cannot get money from elsewhere and it is totally outrageous.

[andrewparker]

They're very upfront about the rates, the problem is that they're praying on people who are not intelligent enough to understand the implications of such an astronomical rate.

It's very similar to companies like Brighthouse, they'll give you a 50" Plasma screen for every room in your house, and you don't even need to prove you earn any money, or own your own house. Of course it is going to appeal to a certain kind of person!

[stealthwolf]

I see it as a very short term loan, 1-2 days max. A bit like borrowing £50 off a mate until you get paid/cash transferred etc. if you're desperate enough to need this, you're already in financial trouble and going down this route will not help out.

[cameluk]

Weren't these type of loans banned in the US, so all the companies moved over here 

[Gene Hunt]

Shocking & they go on about loan sharks,these boys are just the legal version of it. Very sad but desperate people will take any branch when there sinking fast.

[Greeners]

The only reason these people are around and can afford to advertise on the TV is there are enough stupid folk about to actually buy into there daylight robbery!! 

The Jeremy Kyle brigade who's fat asses rarely move from the sofa!! 

[DaveB@Vagbremtechnic]

They're all funded by venture capital companies, in fairness to the finance company (used to run one) the only way to make money in that game is to build a "book" and through a process called securitisation sell it on to investors and others and chrage a fee for collecting the outstanding cash.

The problem with those types of loans is that nobody will touch these books with a Barge Pole, internally they'll be expecting to get only half the money back due to the scrotes they will be lending to, the good customers will in effect not only pay the bad ones interest but also the cost of pursueing them though the courts and the time and staff to do so.

So they only make money of the rate which whilst albeit high isn'y for long or for much comparitively.

If they lent somebody a penny at 2000%APR then they still only make £20 off you PER YEAR - Its a very difficult troublesome way to become rich and make a profit.

personally I just hope that life never deals me the cards that would mean I'd be considering it as an option - there but for the grace of god.

APR is also a crap way to examine costs of lending, theres all sorts of hidden costs that lenders can spank you and get away with it

[joesgti]

From loan shark to Pilot!

Now thats a career change!  

[Edition30]

Usual hear about people on benefits that dont care about paying it back taking loans out with them as they cant get them from anywhere else.

[cmdrfire]

Cripes. I've gotten better deals from the Mafia...