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Anyone seen the add on TV for Quickquid or was it Quidquick? Get money quick and pay it back on your next pay day.

 

Blatantly charging 2356% interest. How do they get away with it? If not illegal it's certainly immoral.

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Yep, one of the 'Payday' loan outfits.

 

Yes, it's immoral.

 

Yes, it stinks.

 

No, it's not illegal I'm afraid. There were moves afoot to ban this type of lending but it was scuppered by the CAB of all people as they thought it would drive people to 'loan sharks' It has now been outlawed in some US states, so most of these 'lenders' have come over from there.

 

See if you can find Christmas on Credit on iPlayer, there was a good program on there a couple of weeks ago.

 

Lex


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Advice & opinions given by me are personal, are not endorsed by the Consumer Action Group or the Bank Action Group. Should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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They get away with it by saying that its because its short term (31 days) rather than long term dont they? I believe payday UK isnt much different in % rate


I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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