OMG check out the APR

[Gazzer]

its only based on 1 month their suposed to be payday bridging loans so borrow £100 pay back 1 month later £296.33 now thats much better :yikes:

Yeah i know they are a short term loan company .....Anyway " borrow £100 pay back 1 month later £296.33" what a bargain :yikes::mad2::mad2::mad2:

 

[michaelb4348]

wow if you borrwed £1000 and payed it back straight away in one month you would end up paying back £2,963.33. I think i am in the wrong game.

 

[suave]

anyone want to borrow a grand?

 

[albyshellshear]

Done a bit for provident doorstep loans, high intrest £100 over 33 weeks pay back £165 the only thing i can say in their defence is the interest is calculated at the start of the loan, so some people who fall into dificulty can reduce there rate and they dont pay any more, the same goes for some customers who take 200 weeks to pay back a 33 week loan, I do not make any excuses for them they are a rip off and I would advise people to think hard before taking any high intrest loan. Its a downward spiral towards a debt trap. :mad2:

 

[paulyoung666]

Done a bit for provident doorstep loans, high intrest £100 over 33 weeks pay back £165 the only thing i can say in their defence is the interest is calculated at the start of the loan, so some people who fall into dificulty can reduce there rate and they dont pay any more, the same goes for some customers who take 200 weeks to pay back a 33 week loan, I do not make any excuses for them they are a rip off and I would advise people to think hard before taking any high intrest loan. Its a downward spiral towards a debt trap. :mad2:

been there , their practice of adding the interest on at the start is no defence , it means instantly that you owe more than you borrowed , compared to a bank loan that you will get a rebate of the interest if you pay off early , i have a couple of these 'easy' loans that i need to get rid of after a moment of stupidity ( read -- sheer bloody need for money 🙁 ) , when they are gone they will never be coming back , if anyone wants to read something that will put them off this sort of thing for evermore then head over to PayDay loans - The Consumer Forums , dont forget , you may if you are unlucky be tempted to go here one day , you would be better off trying to sell a kidney to be honest :yikes:

 

[Scott]

Someone lend us a tenner.......

 

[paulyoung666]

Someone lend us a tenner.......

... no problem , give me it back next week

 

[DHTiling]

That is crazy,,,

 

[Scott]

... no problem , give me it back next week

How much you want back a grand ok? lol

 

[albyshellshear]

been there , their practice of adding the interest on at the start is no defence , it means instantly that you owe more than you borrowed , compared to a bank loan that you will get a rebate of the interest if you pay off early , i have a couple of these 'easy' loans that i need to get rid of after a moment of stupidity ( read -- sheer bloody need for money 🙁 ) , when they are gone they will never be coming back , if anyone wants to read something that will put them off this sort of thing for evermore then head over to PayDay loans - The Consumer Forums , dont forget , you may if you are unlucky be tempted to go here one day , you would be better off trying to sell a kidney to be honest :yikes:

That is not exactly true if you pay off a provident loan early you get an early payment discount like you do with a bank, but if you missed a payment from a bank loan they add on interest plus charge you for sending a letter to tell you they have done this, I too have been on both sides of the coin running my own business for 13 years at one time the bank where crippling my business till i got it in hand. A bank loan would be the way I would go but you have to keep it in check, dont go neer doorstep loans