surely 177% APR is illegal? isnt it?

[misdee]

is it? seems like it should be if it isnt. or there a decimal point missing?

People who lend money can charge what they like, misdee, unfortunately. I've heard of 4-figure interest rates for poor people with no choice

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Yes, but if it is secured and they go to court for a possession order, it is likely it would be denied if the interst rate is deemed to be extortionate!

I think under the fair contracts act, if you defaulted on it, you would probably have a good case to say that you didn 't understand the onerous liability you were taking on, or what the rate meant in practice!

I'm not a lawyer though, so don 't take any of that as gospel truth!

its from those woderful people at prvoident.

their example is cash amount 300, 55weekly payments of 9.00 total amount 495.

dont worry i am not getting a loan from them, but i just gasped when i saw it says 177%

its shocking.

It is far less if you can pay more off quicker. Still wouldn't really reccommend though.

dont weorry the letter is getting shredded. i had vouchers from them years ago when i was struggling, but they keep sending me jink, even tho i have moved.

I DONT NEED A LOAN BTW, oops, was just shocked at the APR.

Provvy is well known; it operates on that borderline which is in many ways more alarming than downright loan sharks.