Check out these cowboys...www.quickquid.co.uk...I saw their television advert the other day and couldn't believe my eyes. This is the small print at the bottom of their website...
"Terms and Conditions apply. Finance charge will be between £10 and £14.75 per £50 borrowed. Typical 2356% APR. Loan amounts are based on consumer's credit history and ability to repay loan. Not everyone may qualify for £1000. 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."
2356% APR. Two thousand, three hundred and fifty six percent APR!!!! Let me put that in perspective. Your bank account currently pays at the most, about 2% APR into your bank account. The most generous mortgage at the minute is probably about 4% APR. These guys are charging 2-3-5-6% APR. £14 for every £50 borrowed. So if you borrow £500 from them, and you pay it back the next day, you have to give them £640. And that doesn't count how much it would cost to pay it back over several weeks. Oh sweet be-jesus, there will be poor poor souls out there doing this. They have the cheek to suggest credit counselling. It's daylight robbery and it shouldn't be allowed. Grrr.
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