Quik Quid - Cheat Happens General Discussions Message Board (Page 1)
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Posted: Jun 01, 2010 6:14:02 AM - Report post  (0)  (0)       Post Reply  post reply  

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.

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Posted: Jun 01, 2010 6:52:05 AM - Report post  (0)  (0)       Post Reply  post reply  

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.
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Posted: Jun 01, 2010 7:37:25 AM - Report post  (0)  (0)       Post Reply  post reply  

 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".

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Posted: Jun 01, 2010 7:41:25 AM - Report post  (0)  (0)       Post Reply  post reply  

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Posted: Jun 01, 2010 8:42:48 AM - Report post  (0)  (0)       Post Reply  post reply  

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.

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Posted: Jun 01, 2010 8:53:49 AM - Report post  (0)  (0)       Post Reply  post reply  

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]

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Posted: Jun 01, 2010 10:27:27 AM - Report post  (0)  (0)       Post Reply  post reply  

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?
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"The art of leadership, consists in consolidating the attention of the people against a single adversary and taking care that nothing will split up that attention."
Adolf Hitler

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Frimley Park CTC

"Serve To Lead"
Sandhurst Military Academy
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Posted: Jun 01, 2010 10:52:43 AM - Report post  (0)  (0)       Post Reply  post reply  

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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