Need a quick loan?

nilagin

nilagin

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Neil
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I've just seen an advert on the TV for a company called Quick Quid, willing to loan money. They do say this is for short term loans, which is probably just as well. The interest rate?






:eek::eek: 2356% :eek::eek:
I had to look twice to make sure I hadn't misread it and not seen a decimal point.
There really ought to be a law against companies charging that sort of interest.
 
I thought there *was* law that controlled such stupid amounts of interest.
 
Scandalous as it seems, it sorta makes sense.

If it's the end of the month and you need 50 quid for two days you get one of those loans. After two days you pay the money back, along with 5 quid (ish, at that interest rate).

Nobody would ever do a 50 quid loan at a normal loan rate, what would be the point? The issue comes if you don't manage to pay the loan back after 2 days. For me there should be a caveat, after 5 days the rate drops to, say, 200%, and after 10 days the rate drops to a normal interest rate, say 5-10%

That would allow these loan companies to exist, without screwing over the poor person forced to take the loan.
 
I have to admit i thought there where laws put in place re interest rates... change your mind laws and stuff like that.. presumably theres a loop hole... what a surprise...
 
There aren't any laws governing the rates of these loans in the UK - other countries do have them though...

Remember, these companies are only out to make money, they're not fluffy bunnies there to help people out, just to make money.

It's down to the people taking the loans to do the correct research before taking out such a loan. Unfortunately, the people taking these loans are often the not-so-intelligent, for want of a better phrase, or those that have no other option.
 
I saw that, the wife thought I was winding her up!
 
not sure if i am allowed to do this , it is done with best intentions though , google CAG to see the mess people get into with companies like this :bang: :bang: :bang:

Mods --- if this is not ok then apologies :)
 
:lol::lol: Thats nothing compared to the intrest I have to pay back to the wife :gag:
 
paulyoung666 said:
cool , i must admit to a bit of confusion on my part , there is a certain website going by the name of avforu......... that thinks it is the center of the universe when other sites are mentioned :eek: :lol:
Click to expand...

Heh. No problem. The only links we don't like is pimping and promotion really. :)
 
cool , there are some real horror stories over on your link :( , we have debt collectors chasing us for £800 at the moment , the thing is though , we dont owe anyone , they wont tell us who it is supposed to be owed to , and cannot provide proof , its like some random person you meet in the street asking for £800 , the problem is , they send letters with red lettering all over threatening you with doorstep visits and all sorts , hoping you cave in , this puppy aint though :lol:
 
paulyoung666 said:
cool , there are some real horror stories over on your link :( , we have debt collectors chasing us for £800 at the moment , the thing is though , we dont owe anyone , they wont tell us who it is supposed to be owed to , and cannot provide proof , its like some random person you meet in the street asking for £800 , the problem is , they send letters with red lettering all over threatening you with doorstep visits and all sorts , hoping you cave in , this puppy aint though :lol:
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If you write to them (Dont forget, always write...and always recorded ;))
State that the debt is in dispute. They legally cannot chase it then until it's sorted.
 
Marcel said:
If you write to them (Dont forget, always write...and always recorded ;))
State that the debt is in dispute. They legally cannot chase it then until it's sorted.
Click to expand...

already been there , so far we have heard nothing else , if i owed it and they could prove it , i would pay it , as they wont or cant then they can rot in hell as far as i am concerned :lol:
 
I'm not defending these companies as such, but they are all short-term loan companies - a month, or a week. APR is worked out over the course of a year, and such short loans look insane when they're measured by the same yardstick as conventional long-term loans.
 
Photo Plod said:
I'm not defending these companies as such, but they are all short-term loan companies - a month, or a week. APR is worked out over the course of a year, and such short loans look insane when they're measured by the same yardstick as conventional long-term loans.
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agree to that point , however , they make it too easy to gain access to that money , and to the people who really should not have access to it , then the problems start , a never ending downward spiral of borrow / pay / borrow / pay , getting deeper and deeper and deeper into debt :(
 
paulyoung666 said:
already been there , so far we have heard nothing else , if i owed it and they could prove it , i would pay it , as they wont or cant then they can rot in hell as far as i am concerned :lol:
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:clap: I've had a similar thing twice :shake: Take all their threatening letters and file them in the bin :) It's up to them to prove the debt and if they can't then they are commiting fraud by demanding payment for something not provided and they know it! ... so just ignore them :)
 
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