Quote:
Originally Posted by sojproductions
I hadn't been back to the UK for some time, I saw many of these adverts, 2 week loans etc, I was fuckin disgusted that these people are able to get away with it, and what's worse is that you can guarantee the banks own these companies. They simply prey on people being at rock bottom.
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That's one way to look at it - it was so profitable and if the lenders are making gazillion pounds per day, then everybody would've been doing it. The massive APR %-age doesn't sound so impressive when you trnalsate it to monetary amount - you borrow 200 pounds for two weeks and you pay back 250 pounds, which is 625% APR. These are short-term and high risk loans, which explains the high fees and interest rates....