Quick Quid - How much in APR!?!?!?!
Discussion
I'm unusually working from home today as I have a bad cold so I have the telly on in the background.
I noticed an advert on "Dave" for a company called Quick Quid. They caught short term loans but what caught my eye however was their APR rate. 2356% APR!!!!!
WTF!!?!?! Is that even legal and are people stupid enough to take up the offer!?!?!
http://www.quickquid.co.uk/fee-schedule.html
f
king ludicrous!!! Insane!
I noticed an advert on "Dave" for a company called Quick Quid. They caught short term loans but what caught my eye however was their APR rate. 2356% APR!!!!!
WTF!!?!?! Is that even legal and are people stupid enough to take up the offer!?!?!
http://www.quickquid.co.uk/fee-schedule.html
f
king ludicrous!!! Insane!perfectly legal.
you see you are only borrowing the monies over a short period - 1-2 pay periods, so that is a maximum of 60days.
The APR is an annual percentage rate, and really means very little in the grand scheme of things in this sort of case.
The APR is calculated from the interest earnt over a 30day period, and then multiplied up to make an annual rate. You will never have the loan for this period of time and therefore it is fairly irrelevant(sp)
Most of the people who will make use of this service will care very little about the rate anyways, as they are likely to be the great unwashed.
you see you are only borrowing the monies over a short period - 1-2 pay periods, so that is a maximum of 60days.
The APR is an annual percentage rate, and really means very little in the grand scheme of things in this sort of case.
The APR is calculated from the interest earnt over a 30day period, and then multiplied up to make an annual rate. You will never have the loan for this period of time and therefore it is fairly irrelevant(sp)
Most of the people who will make use of this service will care very little about the rate anyways, as they are likely to be the great unwashed.
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