2365% APR!!!

[Lionstar]

Just saw an advert for quickquid on tv, one of those instant money access companies. Their APR is 2365% in the small print at the bottom of the screen . I'm not in the market for a loan BTW, but the advert had my eyes boggling.

Please tell me no-one seriously considers this kind of finance. Surely it's tantamount to loan-sharking.

DS (13) noticed that!! A good discussion followed about how ridiculously stupid that was! He could not believe that people actually use the company.
I think he taught himself a good lesson on finances when he tried to work out how many zeros were on the end of how much he would pay back if he borrowed £100. - He assures me he won't be doing it when he is older!

DH and his Dad were going on about this and how bad it was, I thought it was illegal to have an APR that high?

Disgusting and taking advantage of people in dire need.

Very perceptive of your son PA, I only hope all the adults out there have as much sense. I seriously cannot believe they are allowed to get away with that kind extortion!

Unbelievable! Aimed at the most vulnerable people in our society and particularly at this time of year, Grrrrr!

I'm not sure that you would have to add lots of zeros to borrow £100 Positive Attitude, I think they get that APR because although the rate is annual the loan company only offer short term loans. So if you borrowed over a longer period it would be 2365% but as it is short term, a few weeks you end up paying a lots of interest but not that much if you see what I mean?

Someone will come along and explain it better than me in a minute.

Still shocking and praying on the vulnerable though.

Chuff - I am aware of that, but my point was that it was good for my 13 year old to see how much COULD have to be paid back and how ridiculous it is to use that sort of solution.

I saw this ad a few weeks ago and it made me soooo angry! . I cannot believe stuff like that is allowed to be advertised on TV.

oh god I saw that too and was shocked - they shouldn't be allowed to advertise on TV or even CHARGE that much!