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"MOBILE MONEY" lending @ An APR of 378%


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just heard on the radio about a company called "mobile money" offering a manchester student a £5,000 loan at an apr of 378%

 

without any credit checks

 

the student complained to their MP who asked about it in parliamnet yesterday in "question time"

 

checking their website they seem to specialise in log book loans

 

"Our interest rate is 378.3% APR Typical variable and this

means that two out of three clients pay this rate or lower. "

:cool: sunbathing in juan les pins de temps en temps

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OMG:eek: thats awful. If these companies are supposed to help people in debt, (cos let's face it no other company would touch us with a bargepole!!!) how can they be allowed to get away with this? (How do you apply!!!:D)

<<<If I have helped please tickle the scales;-)<<<

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Whilst out in Belfast this morning, I saw a huge banner for LogBookLoansNI - whose website (which does not comply with the Companies Act), claims that their APR, at 284%, is 'typically 150% APR cheaper than Log Book Loans in England'.

 

The company is not listed as a data processor with Information Commissioners Office though one of the directors is. He's a financial advisor who represents a company offering various financial services including sub-prime mortages, under a holding company chaired by Francis Maude MP.

 

One can only wonder why enforcement is so lax.

Edited by ScarletPimpernel
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