Loans

[lizzyboo]

I have just seen a loan advertised on my side bar, £300 for 10.50 a week, but the apr is 254% Are these people praying on the poor or what. it was for provident loans.

Did you mean 25.4% or 254%? High either way, but the first is not unusually high and compares with stores cards etc. Easy to get I presume if you have a not-so-great credit history and can't get loans elsewhere. They take on the higher risk of default so they need to charge more to offset it.

254% would be completely out of order.

It really is 254% and they come round and collect it. It really shouldn't be allowed even for people who have bad credit

there are lots of companies like this namely provident. there are also shops like this "BRIGHT HOUSE" and "PERFECT HOMES" offergoods on a weekly payment plan but the apr is extortionate, u end up paying something like double or triple of wat u would buy the item at at a normal shop.
the daft thing is that wen i go in to town and walk past these type of shops they r normally heaving with customers.
if i wanted something so bad i would rather save up , i would not stoop so low to have to go to 1 of these shops.

Was that advertised on MN?

no advertised on mn on my hotmail page. I was so shocked, can they really do this to people?

They can I suppose because no-one 'has' to take up the offer. They are being upfront about the APR so aren't misleading anyone.

Sadly some people have no financial sense and won't care about the APR.

Provident are a pile of wankers.

ZoeC it's not that people aren't finacially aware, it's that they advertise by posting leaflets in the shape of a £20 note through doors. I imagine if you are struggling to buy food or top up your meter then it is very tempting.

They prey on people who can't get conventional credit and I have read once the loan is almost paid back they will offer a new loan, some of them are very pushy and work on commission. Bastards.

They did once advertise on mn, but mnhq were swift to remove it.