Rogue finance companies preying on desperate people

1 reply [Last post]
Wed, 03/03/2010 - 16:25
Steve B
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User offline. Last seen 1 hour 38 min ago. Offline
Joined: 19/02/2010

You know that feeling, your watching the TV and something catches your eye and you do a double take, Well a finance company called http://www.quickquid.co.uk/ is offering same day five minuet loans. BUT whats the catch, i'll tell you what the catch is 2356% APR yes two thousand three hundred and fifty six percent intrest. I almost fell off the settee in disbelief Jawdropping!

I think this this should be made a criminal offence with the current desperate state of low income households. The only people desperate enough to go to people like this are in real trouble already. It makes me so mad to see them getting away with it.

Steve the Firefighter

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Wed, 03/03/2010 - 19:02
#1
Steve Netwriter
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User offline. Last seen 3 hours 31 min ago. Offline
Joined: 13/11/2008
Legalised Extortion?

Legalised Extortion? No of course not, you have the choice Thinking Big Smirf

Quote:
Terms and Conditions apply. Finance charge will be between £10 and £14.75 per £50 borrowed. Typical 2356% APR. †Loan amounts are based on consumer's credit history and ability to repay loan. Not everyone may qualify for £1500 ‡QuickQuid performs traditional credit checks, while still accepting those with less-than-perfect credit. QuickQuid verifies applicant information via various national databases. §Funds will be deposited the same working day, if approved by 14:30. ¶Approval may take up to 30 minutes in most cases. Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counselling.

and from:
http://www.quickquid.co.uk/fee-schedule.html

Quote:
2 - Based on a 30-day period loan term.

So "Finance charge will be between £10 and £14.75 per £50 borrowed" per 30 day period!

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