quickquid.co.uk - and other legal loan sharks

Capt'n Midnight

Finance charge will be between £10 and £14.75 per £50 borrowed.
Typical 2356% APR.

OMFG :eek:


IIRC the lenders here can get away with similar rates and charges


The bit I can't understand is why there are unlicensed loan sharks when the above is quite legal and above board.

Just a heads up for anyone thinking of getting short term loans for christmas, it just isn't worth the grief, no one will appreciate what you have done as much as you think they should and it can cost a LOT more than you think.

Wertz

I hear Lenihan's in discussions with them on advancing us a small bridging loan. :pac:

Seriously though...some people simply aren't left with a choice (and even less so now than other years). WHen there's no other avenue open (bank loans, credit cards etc.) people take money from whoever's handing it out and leave the consequences to the new year.

TechnoPool

i saw that ad and thought surley that apr is a mistake, wow!

Tellox

Loans with that type of APR are meant for cases where say, the rent is due without excuse on Wednesday, and you're getting paid on Friday.

Anyone who would take on a loan on those terms for any longer a period than a few days are absolutely insane.

DazMarz

How... I mean... How... How can that be LEGAL?

I doubt even the mob-backed loan sharks charge that much!!!:eek:

orourkeda

Try using a credit card. You think that APR is high

Fighting Irish

DazMarz wrote: »

How... I mean... How... How can that be LEGAL?

I doubt even the mob-backed loan sharks charge that much!!!:eek:

nobody is being forced into anything, same way you go into a shop and something is way over priced

If I ever got into such a situation that I needed to even consider using such sharks, I'd rather skip a few meals than to borrow under those terms.

Once hooked, it would be almost impossible to break free, as you would always be short after paying back last weeks loan.

Mmcd

Cant see them sending guys round to break your legs so not really a loan shark!

itsallaboutheL

Deleted User wrote: »

If I ever got into such a situation that I needed to even consider using such sharks, I'd rather skip a few meals than to borrow under those terms.

*Shakes Head*

az2wp0sye65487

Some people get a loan of this type every Christmas. It takes them the whole year to pay it back, so then next Christmas they have no spare cash for Santa etc. - Another silly loan the following year.

Seriously, just have one s**t Christmas & save up next year instead of paying back a loan!

In this thread: People stunned and amazed by a service that explicitely shows terms and conditions and which is of benefit in certain situations.
If I was getting evicted because I didn't have the 50quid till next week, I'd take the loan and pay back 60. Everyone would.


Like seriously, get a fuking grip people. As Tellox said, it's for cases where rent or bills are due and you are getting paid a few days later. It's a service that is there, no point bitching about it. I doubt if anyone gets a loan of more than 200 quid.

davyjose

I heard they eat your firstborn if you miss a payment.