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Quik Quid
 
captainkirk  posted on Jun 01, 2010 6:14:02 AM - Report post

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Earlier today I was watching tv, when an advert comes on for a loan company, same as usual i thought until I saw the interest on the loan. *drum roll*..........2278%, no i didnt miss a decimal place. I think that this is terrible. If this is right then if I borrowed £1 from them then I would have to pay back £2278. Tell me what you think about this.

The Guardians story on the company: Link
The Quick Quid website: Link

 
king-of-games  posted on Jun 01, 2010 6:52:05 AM - Report post

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That is ****ing evil, and apparently it is quite common. All they are doing is taking advantage of the poor who can't pay this weeks rent and have no choice or go homeless, and think of all those solo parents barely making enough to put food on there child's table... ****ing evil I tell you. Smart of them to take advantage of a situation like this, but evil neither the less.
 
captainkirk  posted on Jun 01, 2010 7:37:25 AM - Report post

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quote:
originally posted by king-of-games

That is ****ing evil, and apparently it is quite common. All they are doing is taking advantage of the poor who can't pay this weeks rent and have no choice or go homeless, and think of all those solo parents barely making enough to put food on there child's table... ****ing evil I tell you. Smart of them to take advantage of a situation like this, but evil neither the less.

I feel there should be some law on this. I know that my own family is struggling with money and debts right now, the fact that these coroprate big wigs take advange of this is, as you say "****ing evil".

 
shianova  posted on Jun 01, 2010 7:41:25 AM - Report post

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Crooks aren't always wearing masks.
 
SuperSkyline89  posted on Jun 01, 2010 8:42:48 AM - Report post

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I'm not saying that doing this is "right" but it shouldn't even be an issue. There isn't a single reason in the whole world why you would take a loan at over 2000% interest. There's no way you can come out of that better than you went in, it's a complete impossibility. It doesn't matter how bad off you are, it won't help, period.

As far as I'm concerned, anyone who gets in trouble because of this is a moron and they dug their own grave. It's financial natural selection.

 
DABhand  posted on Jun 01, 2010 8:53:49 AM - Report post

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Yeah they have been going for ages, and the thing is they are not doing anything wrong, they are entitled to charge their own APR.

Wether or not people are dumb enough to not realise the amount is up to the person.

But they do make Money Lenders in backstreet alleyways look like saints.

Oh btw, £1 at 2278% rate means you pay back in first year, £22.88. Remember 100% is double. :P

[Edited by DABhand, 6/1/2010 8:57:27 AM]

 
captainkirk  posted on Jun 01, 2010 10:27:27 AM - Report post

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Sorry, I know I'm quite thick but can someone explain to me how apr works, I thought it was like the amount extra you have to pay back?
 
Wrythe1985  posted on Jun 01, 2010 10:52:43 AM - Report post

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APR stands for annual percentage rate....its the amount of interest you must pay on your principal per year. Say you borrow $1 and your apr is 22%. then after one year, if you have not made any payments on your principal balance, you owe $.22 in interest plus your principal of $1.00. making a grand total of $1.22.
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