Bloody hell - payday loans 2354%apr

[JollyPirate]

I saw an ad for this company today and thought I had mis - seen the massive APR. Just did a search (am nosy and was curious) and I didnt mis-see - their APR really is 2354%.

Why would anyone use them? Or do they get people so desperate that they have no other option - surely they shpouldn't be able to get away with taking advantage of people like this.

Message withdrawn

I saw this today as well and nearly had a heart attack at the apr. How on earth can it be legal?!?!?!?

I saw this too and had to look closer couldn't believe it!!
So for every £1 you borrow you have to pay back £2354 or whatever the rate is, have I got that right?????!!!!!

Or is it for every £100 you borrow, am rubbish at maths....

And they charge about £15 per every £50 borrowed on top of the loan!!!

Apparently it's completely legal for them to do this - btw UH I am crap at maths too so cannot answer your questions. It means re-paying a massive amount anyway. Admittedly it seems the payment is made as soon as someone gets paid and they do state that it's not a long term solution to money probs but even so.