Need a penny or two?

[Jack]

Just saw another of those adverts for "help I'm broke and will sell a kidney for cash".com

2,356% APR?! So if you borrowed £100 for a month, am I right in thinking you'd pay back £296.33 - £100 credit and £196.33 interest?

I'm in the wrong career. Moving into banking. www.Jackbank.com, loans of £100 a time, 5,000,000% interest

[mowgli]

welcome to the new face of loan sharking......

there aren't too many of these sort of people round our way, after a bloke shot one & dismembered him

[L14MNP]

The mean streets of Hinckley Quickquid.com is everywhere though I'm afraid.

[MattBrown]

Friend of a Friend got into serious debt using this, turned a £400 loan into £3k very quickly, matter of weeks!

[craig green]

kneecap finance.

[mowgli]

The mean streets of Hinckley Quickquid.com is everywhere though I'm afraid.

he did him on a disused railway line. i took great pleasure some years later in telling the new owner of the line about it..... i didn't like him very much, so i thought he should know

[dhdev (Oli)]

Just saw another of those adverts for "help I'm broke and will sell a kidney for cash".com

2,356% APR?! So if you borrowed £100 for a month, am I right in thinking you'd pay back £296.33 - £100 credit and £196.33 interest?

I'm in the wrong career. Moving into banking. www.Jackbank.com, loans of £100 a time, 5,000,000% interest

You'd payback £130.57 according to Source 1 and Source 2
That's £30.57 interest.

[muzzy]

The interest rate on some of these loans are insane. The "log book" loans from the likes of Cash Converters are just as bad but your car is on the line with that one if you fail to pay it back. Generally the people who need to get these loans are people who fail to pay normal interest rates back, never mind 2000%.

[Jack]

You'd payback £130.57 according to Source 1 and Source 2
That's £30.57 interest.

Oh right, thats actually not too bad then (well it is, but not as bad as I thought )

I just assumed it was 2356% each year, so each month you'd pay back effectively 1/12th of that of your current balance, so if you owed £100, it would be 2356% of 100 = 2356, /12 = £196.33 in interest

Thats how my Cahoot loan interest worked out anyway

[dj_wudgey]

welcome to the new face of loan sharking......

there aren't too many of these sort of people round our way, after a bloke shot one & dismembered him

nice sounds like some one was owing a few bob