239.7% interest on a loan

[isthatnormal]

Applied for a loan to get my small business up and running and I just got this text.
Is the interest rate that high (is that a normal thing?) or does that number refer to something else?

That is far too high
Have they given a total amount for what will get paid back?
Who is the loan provider?

That's incredibly high! Who is the lender?

That’s not a good rate at all, please avoid. What is the quoted interest rate, plus perhaps is there a fee? Shop around for your loan.

Thats loan shark rates. Do you have bad credit? Avoid these scumbags.

Sounds like the old days of Provident Credit. Could you go to a bank

APRS often look like this for Small value short term lending as they have to be calculated over year.

What's the total cost if repayment? How much are you lending?

Christ. That's enormously high! Don't touch it with a bargepole.

You do realise that for a £1,000 loan you would repay them £3,239.70?

I'd say the . is in the wrong place? 23.79 surely?

I thought those rates were illegal now.

It’s using the desperation of the borrower against them.

Thank you all.
Yes, there's no way I'm borrowing it. I'll try some other way

The interest rate on an authorised bank overdraft would be considerably less than that. Have you approached your bank?

This is for a loan repayable over 24 months
1000 gbp

With such a tiny amount, have you considered either asking family to loan it to you & working out a repayment schedule, applying for an overdraft, or buying whatever it's for on your credit card?

How about a Credit Union loan? They’re non profit I think

On that interest rate you will be paying back the loan three times. Don't do this.

It's a tiny amount! Couldnt you put it on a credit card?

A standard high street bank loan will be significantly less but they often won't lend such a small amount but worth a try

For a lot of people (most people?) £1000 isn't a tiny amount. If it were for the OP, they wouldn't need a loan. Way to go to make them feel shit.

You know in the UK 34% of adults have no savings or less than £1000 in savings.

This place is tone deaf sometimes.

I borrowed £8000 to set up my business last year at 2.9pc at Sainsbury's bank. Rates are often lower if you borrow more. I appreciate rates have changed since, but not that much

Wow!

What were they offering your monthly repayments at?

24 monthly payments to pay off a £1000 loan?

I hope you find something more affordable.