Payday loan company sending out letter offering loan with no quoted interest details???

[Ponders]

DD2 (hopeless with money ) took out one of thse loans a while back, so she's on their database, & they still send her letters from time to time.

There's another one today & apart from saying "subject to status & affordability" there is NO information on cost

is this legal? (I'd love to dob them in if it isn't )

It's not great practice but it's not illegal. What the letter constitutes is an 'invitation to treat' and not an 'offer'. When the customer responds saying 'tell me more', that's the pont where they'll get all the gory details about interest rates and costs. Or should do. The 'subject to status' part is important - suggests there may be different rates for different customers - another reason why they might not be able to quote absolute interest rates in their literature. A lot of companies will send out advertising for products 'from' a certain price... and only when you ring up to find out more do you discover that you don't qualify for anything that cheap :)

thanks, Cogito

shame though (awful people)

It's a bit more complicated for financial products Cogito.

When advertising loans, you must EITHER quote the APR (at least as prominently as any other rate) OR make no reference to cost. It seems they are doing the latter, probably a good idea as APR on payday loans is typically in the 1,000%s