Bloomin heck ! - 1845% apr

[affiliatemarketingltd]

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Just got this in an email

now i am aware that APR isnt meant to be calculated over short terms hence its really high .. but surely this will put even the most stupid of people off lol


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Typical 1845% APR

[retrocowboy]

It's MEM Consumer Finance, pretty standard I'm afraid!

[john-pp]

and believe it or not that's one of the lower rates you'll find for a payday loan!!

Don't forget though... these are designed to be paid back within a month.

[Rich79]

APRs are useful when comparing against other suppliers or forms of finance but I think the bottom line for most people needing cash loans in these circumstances are how much money can they get and how much are the repayments.

If the repayments are affordable people will go for it as there are no alternatives other than perhaps selling the family silverware!

Still I agree it looks a scary figure, I wonder what the Krays charged back in the day :cry

[acutts]

Definitely misleading - if you calculate a small overdraft, and include the arrangement fee that banks charge, the APR comes out at something like 183477239%.

It also fails to take into account the fact that CHAPS is standard, and does cost the lender.

edit: APR is basically only useful with credit that will be used over a year (the annual part of APR!)

[123debtsolutions]

My advice is avoid taking a payday loan like the plague. Although generating the leads is more worthwhile.

Volume business, and there is only a matter of time before the government clamp down.

APR is only a number, true value is £25-£32 per £100 borrowed.

And as John says they only work if you pay them back in full and on time, otherwise you get hit with charges and accrued interest.