Discussion
pokethepope said:
Repost'o'clock.
Its meant for short term loans - days, probably not even a month - in which case the APR is not too bad if you need the money that urgently.
Sorry, hadn't met the re-post police before. Just seen it, got riled, and haven't the time to go searching through Ph looking for any similar posts as I am actually working as I watch.Its meant for short term loans - days, probably not even a month - in which case the APR is not too bad if you need the money that urgently.
And if they can't pay it off quickly? What's 2356% apr work out as per month . . per week . . etc?
OH FFS NOT THIS NONSENSE AGAIN!
If I lend you £20 and you pay me back and also buy me a pint, let's say the pint is £3.50. That's an interest rate of 17.5% isn't it?
Care to gues how much the APR would be on that little transaction if you paid me back 1 month later? It would be 693%.
What if you paid me back and bought me a pint 2 weeks later - that would be 6,600%
What about 1 week later - how does 438,500% sound to you?!
Makes the loan you're complaining about look like a hell of a bargain doesn't it? Go and learn about compond interest and APRs on short term loans.
Edited to add: - you asked about how much 2356% APR is per week for example. It would be just under 6.3%. In other words, instead of buying me a pint for lending you £20 for a week, you give me the princely sum of £1.26! BARGAIN!
If I lend you £20 and you pay me back and also buy me a pint, let's say the pint is £3.50. That's an interest rate of 17.5% isn't it?
Care to gues how much the APR would be on that little transaction if you paid me back 1 month later? It would be 693%.
What if you paid me back and bought me a pint 2 weeks later - that would be 6,600%
What about 1 week later - how does 438,500% sound to you?!
Makes the loan you're complaining about look like a hell of a bargain doesn't it? Go and learn about compond interest and APRs on short term loans.
Edited to add: - you asked about how much 2356% APR is per week for example. It would be just under 6.3%. In other words, instead of buying me a pint for lending you £20 for a week, you give me the princely sum of £1.26! BARGAIN!
Edited by mccrackenj on Monday 8th March 10:59
mccrackenj said:
OH FFS NOT THIS NONSENSE AGAIN!
If I lend you £20 and you pay me back and also buy me a pint, let's say the pint is £3.50. That's an interest rate of 17.5% isn't it?
Care to gues how much the APR would be on that little transaction if you paid me back 1 month later? It would be 693%.
What if you paid me back and bought me a pint 2 weeks later - that would be 6,600%
What about 1 week later - how does 438,500% sound to you?!
Makes the loan you're complaining about look like a hell of a bargain doesn't it? Go and learn about compond interest and APRs on short term loans.
Edited to add: - you asked about how much 2356% APR is per week for example. It would be just under 6.3%. In other words, instead of buying me a pint for lending you £20 for a week, you give me the princely sum of £1.26! BARGAIN!
Really rattled some cages didn't it - you miserable , grumpy impatient bIf I lend you £20 and you pay me back and also buy me a pint, let's say the pint is £3.50. That's an interest rate of 17.5% isn't it?
Care to gues how much the APR would be on that little transaction if you paid me back 1 month later? It would be 693%.
What if you paid me back and bought me a pint 2 weeks later - that would be 6,600%
What about 1 week later - how does 438,500% sound to you?!
Makes the loan you're complaining about look like a hell of a bargain doesn't it? Go and learn about compond interest and APRs on short term loans.
Edited to add: - you asked about how much 2356% APR is per week for example. It would be just under 6.3%. In other words, instead of buying me a pint for lending you £20 for a week, you give me the princely sum of £1.26! BARGAIN!
Edited by mccrackenj on Monday 8th March 10:59
ds.Since you take such exception to a post you didn't even have to fukcing read I'll do you the favour of deleting it - save you worrying anymore, given it's obviously excersised you to such an extent + don't want to damage your business if you run one of these schemes (why else would you be so perturbed?) I bet you are a pleasure to spend time with . . .
Oh, Mr. Editor - I can do the maths thanks - it was rhetorical and based on the possibility that the victims of scamming might be unable or unlikely anyway to pay back in a week etc.
But I do apologise, really . . never meant to cause such distress to someone so obviously having a bad time of life.
Lost_BMW said:
Really rattled some cages didn't it - you miserable , grumpy impatient bds.
Since you take such exception to a post you didn't even have to fukcing read I'll do you the favour of deleting it - save you worrying anymore, given it's obviously excersised you to such an extent + don't want to damage your business if you run one of these schemes (why else would you be so perturbed?) I bet you are a pleasure to spend time with . . .
Oh, Mr. Editor - I can do the maths thanks - it was rhetorical and based on the possibility that the victims of scamming might be unable or unlikely anyway to pay back in a week etc.
But I do apologise, really . . never meant to cause such distress to someone so obviously having a bad time of life.
Your spelling and grammar are pretty atrocious too.ds.Since you take such exception to a post you didn't even have to fukcing read I'll do you the favour of deleting it - save you worrying anymore, given it's obviously excersised you to such an extent + don't want to damage your business if you run one of these schemes (why else would you be so perturbed?) I bet you are a pleasure to spend time with . . .
Oh, Mr. Editor - I can do the maths thanks - it was rhetorical and based on the possibility that the victims of scamming might be unable or unlikely anyway to pay back in a week etc.
But I do apologise, really . . never meant to cause such distress to someone so obviously having a bad time of life.
Lost_BMW said:
mccrackenj said:
OH FFS NOT THIS NONSENSE AGAIN!
If I lend you £20 and you pay me back and also buy me a pint, let's say the pint is £3.50. That's an interest rate of 17.5% isn't it?
Care to gues how much the APR would be on that little transaction if you paid me back 1 month later? It would be 693%.
What if you paid me back and bought me a pint 2 weeks later - that would be 6,600%
What about 1 week later - how does 438,500% sound to you?!
Makes the loan you're complaining about look like a hell of a bargain doesn't it? Go and learn about compond interest and APRs on short term loans.
Edited to add: - you asked about how much 2356% APR is per week for example. It would be just under 6.3%. In other words, instead of buying me a pint for lending you £20 for a week, you give me the princely sum of £1.26! BARGAIN!
Really rattled some cages didn't it - you miserable , grumpy impatient bIf I lend you £20 and you pay me back and also buy me a pint, let's say the pint is £3.50. That's an interest rate of 17.5% isn't it?
Care to gues how much the APR would be on that little transaction if you paid me back 1 month later? It would be 693%.
What if you paid me back and bought me a pint 2 weeks later - that would be 6,600%
What about 1 week later - how does 438,500% sound to you?!
Makes the loan you're complaining about look like a hell of a bargain doesn't it? Go and learn about compond interest and APRs on short term loans.
Edited to add: - you asked about how much 2356% APR is per week for example. It would be just under 6.3%. In other words, instead of buying me a pint for lending you £20 for a week, you give me the princely sum of £1.26! BARGAIN!
Edited by mccrackenj on Monday 8th March 10:59
ds.Since you take such exception to a post you didn't even have to fukcing read I'll do you the favour of deleting it - save you worrying anymore, given it's obviously excersised you to such an extent + don't want to damage your business if you run one of these schemes (why else would you be so perturbed?) I bet you are a pleasure to spend time with . . .
Oh, Mr. Editor - I can do the maths thanks - it was rhetorical and based on the possibility that the victims of scamming might be unable or unlikely anyway to pay back in a week etc.
But I do apologise, really . . never meant to cause such distress to someone so obviously having a bad time of life.
Anyway for the record - I am having a perfectly nice "time of life" at the moment and my friends don't appear to think that I'm anything other than a total joy to spend time with. And just to be clear; I have absolutely no connection whatsoever with anyone in the financial services industry.
I apologise if my post appeared to jump in at the deep end a tad, maybe I did, sorry.
It is just that this subject has been absolutely done to death over the last few weeks and the threads always start the same way - i.e. an extremely irate rant about unbelievably high interest charges and how can this be legal, how can the lenders sleep at night, the TV channel should be ashamed even to carry the ad. etc, etc, etc - then some others come along and try to point out that (a) the APR is completely meaningless when it comes to calculating interest on very short term loans and (b) considering the credit risk of the borrowers involved and the transaction costs involved with what are generally very small loans, the rates of interest charged are actually pretty reasonable.
Take a few mins to search for earlier threads and you'll see what I mean.
I do apologise again if my post irritated you - but there's really no reason to cast aspersions on my life or call me a "miserable, grumpy b*stard", is there? On the contrary the result of your response is that it is you who gives the impression of being less than content, no?
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