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Jack
06-04-10, 03:21 PM
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?

:tard: I'm in the wrong career. Moving into banking. www.Jackbank.com, loans of £100 a time, 5,000,000% interest :d
mowgli
06-04-10, 03:39 PM
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
06-04-10, 04:04 PM
The mean streets of Hinckley :O Quickquid.com is everywhere though I'm afraid.
MattBrown
06-04-10, 04:11 PM
Friend of a Friend got into serious debt using this, turned a £400 loan into £3k very quickly, matter of weeks!
craig green
06-04-10, 04:14 PM
kneecap finance.
mowgli
06-04-10, 04:30 PM
The mean streets of Hinckley :O 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)
06-04-10, 04:46 PM
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?

:tard: I'm in the wrong career. Moving into banking. www.Jackbank.com (http://www.Jackbank.com), loans of £100 a time, 5,000,000% interest :d
You'd payback £130.57 according to Source 1 (http://www.mercerhole.co.uk/calc/loan/)and Source 2 (http://www.pem.co.uk/common/calculators/loan.html)
That's £30.57 interest.
muzzy
06-04-10, 05:08 PM
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
06-04-10, 05:54 PM
You'd payback £130.57 according to Source 1 (http://www.mercerhole.co.uk/calc/loan/)and Source 2 (http://www.pem.co.uk/common/calculators/loan.html)
That's £30.57 interest.
Oh right, thats actually not too bad then (well it is, but not as bad as I thought lol)

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
06-04-10, 08:22 PM
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

lol nice sounds like some one was owing a few bob lol
Spudly
06-04-10, 08:29 PM
Omfg, just seen the ad for wongaDOTcom, and their apr is 2689% wtf :eek:
Benn
06-04-10, 08:38 PM
Tbh if you need to borrow £100 then your already funked with money. So this wont seem anything bad.

Its supply and demand.
Spudly
06-04-10, 08:42 PM
Fair point bud, im babba with money but i wouldnt ever try any of these legalised loan sharks lol
novaguy08
06-04-10, 09:37 PM
Can I just point out that "Jackbank" link actually works,

There is a right ugly fecker on there too!!
CoolTiger
06-04-10, 11:08 PM
im borrowing 2700 but paying 2900 back over a year
Pete
06-04-10, 11:34 PM
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

There was also a door man a few years back who battered a bloke to death who was a loan shark, and the door man borrowed money of him and threatened to hurt his family so he took it into his own hands, but i think that was just outside of Leicester, so my grandad told me (hes old) maybe a little seniel