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Cheapest Loans?
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Old 03-12-2009, 13:14   #1
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Cheapest Loans?

http://www.moneysupermarket.com/loans/

Look at the last two in the list of ` Best Sellers` under Poor Credit Profile and tell me if i`m reading the interest rate correctly.
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Old 03-12-2009, 13:16   #2
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Re: Cheapest Loans?

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Old 03-12-2009, 13:17   #3
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Re: Cheapest Loans?

HOLY COW !!!

That is just totaly unacceptable
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Old 03-12-2009, 13:17   #4
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Re: Cheapest Loans?

I didn`t think that it was legal anymore to charge interest rates like that!
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Old 03-12-2009, 13:23   #5
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Re: Cheapest Loans?

Well, they do need to send someone out to collect payments from your home every week...
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Old 03-12-2009, 13:24   #6
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Re: Cheapest Loans?

433% Good money if you can get it and they can

Quote:
Weekly repayments collected from your home.
Not surprised, probably send someone like the guy who did Phil Mitchell.
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Old 03-12-2009, 13:58   #7
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Re: Cheapest Loans?

We recently discussed Provident and an associated news article in the Debt collection agency thread
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Old 03-12-2009, 13:59   #8
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Re: Cheapest Loans?

Quote:
Originally Posted by NoKnowledge View Post
Not surprised, probably send someone like the guy who did Phil Mitchell.
Actually, you'd be suprised. My dad used to do this a good few years back. Rates were nowhere near as hurrendous as they are these days and these people couldn't get loans from 'normal' banks. They also used to pay in advance for xmas hampers and high street vouchers etc, removing a bit of the burden. Unfortunately he became a target for local thieves in certain parts and eventually gave it up.

He really liked a lot of his customers, knowing them and their cisrcumstances personally and wasn't 'heavy' with any of them. In fact, he always explained the small print and wouldn't let anyone take on any debt they couldn't afford to pay back (he was salaried) - gone are those days though it seems
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Old 03-12-2009, 14:50   #9
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Re: Cheapest Loans?

Quote:
Originally Posted by budwieser View Post
http://www.moneysupermarket.com/loans/

Look at the last two in the list of ` Best Sellers` under Poor Credit Profile and tell me if i`m reading the interest rate correctly.
Under payday loans it 1286.1%
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Old 03-12-2009, 17:03   #10
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Re: Cheapest Loans?

Did anyone see that Panorama the other week about loan-sharks? Obviously they're illegal but some manage to get licences to be legal money lenders. I'm sure they said there's no law stopping them charging whatever interest they want.

Some woman borrowed £50 and ended up owing him £8,000.
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