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my million billion APR!!


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take a look at the below, and yes, i did not take it out.

 

 

Amount of Credit: £80.00

 

Duration of Agreement: 3 days

 

Total Amount Repayable: £104.00 to be repaid in a single payment on 10/08/2009

 

APR: 7,457,669,679,352,83%

 

in words that's (i think)

 

7 million billion

457 billion

669 million

679 thousand

352 hundred

83 units

 

 

 

if that not a joke, tell me what is

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OMG! :eek::eek::eek:

 

I have seen some interest rates that are eye watering (to many of my own! :|) but this takes the prize!

 

They will quote some tosh about having to legally quote an APR over a 12 month period (I have queried one or two interest rates of my own).

 

Glad for you that decided did not need/want to take up their kind offer! ;)

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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Hi maya- don't know the exact mechanics of it but APR does not really tell the full tale with these loans. They are short term loans and great if you can afford to pay them back on time and treat it as a one off. A lot of people just dig themselves deeper in to debt and pay the interest only each month.

 

I dislike these firms but do accept their argument on APR's - avoid like the plague if you can

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Yes Sir. Seriously speaking, you are completely right and payday loans are rip offs. There isn't such a thing as 'cheap alternative to bank charges' and I have now turned to my mom (quite embarrassing). She took my debt problems really well and is actually now taking small bank loan so I can pay off all payday loans. I am only using pre-paid cards now - they are very good alternatives!

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  • 4 months later...

Well not specifically pay day loan but just as bad. Barclays bank charged me £22 for overdraft of up to £150 over limit, £4.35 overdrawn and I get charged for the privillage of this 5day allowance £22. Now that is not a bad little earner.

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  • 1 month later...

take a look at the below, and yes, i did not take it out.

 

 

Amount of Credit: £80.00

 

Duration of Agreement: 3 days

 

Total Amount Repayable: £104.00 to be repaid in a single payment on 10/08/2009

 

APR: 7,457,669,679,352,83%

 

in words that's (i think)

 

7 million billion

457 billion

669 million

679 thousand

352 hundred

83 units

 

 

 

if that not a joke, tell me what is

 

i think that it is even worse than you have stated, you are missing a digit on the end, prolly a typo, i worked it out to be: APR: 7,457,669,679,352,830% (extra zero at the end) - only 10 times more

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  • 3 weeks later...
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