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 Post subject: Loan sharks, Legal now!
PostPosted: Fri Jan 22, 2010 15:58 
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Could hardly believe my eyes or ears!

http://www.quickquid.co.uk/

Check out the APR! :shock:

Of course they suggest that these loans should not be used as a long term solution.

But thats what ANY loan shark would say!!

(Having said that, I have some sympathy with the "Loan Shark" buisness model but it is a real sign of the times that the government seems to have made it legal!)

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PostPosted: Fri Jan 22, 2010 16:31 
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Meh, that's not even 1% per day..... :D

Seriously though, it is amazing how that seemingly little compound interest accumulates over time.

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PostPosted: Fri Jan 22, 2010 17:41 
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You do realise that your mate who asks you to lend him a tenner on Monday and buys you a drink on Saturday to thank you is paying a zillion percent interest. :D

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PostPosted: Fri Jan 22, 2010 18:47 
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malcolmw wrote:
You do realise that your mate who asks you to lend him a tenner on Monday and buys you a drink on Saturday to thank you is paying a zillion percent interest. :D
that's only 60 milllion % ...

That depends on whether the friend pays back the tenner, otherwise it's minus Zillion % :D

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PostPosted: Fri Jan 22, 2010 20:57 
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Dusty wrote:
Could hardly believe my eyes or ears!



(Having said that, I have some sympathy with the "Loan Shark" buisness model but it is a real sign of the times that the government seems to have made it legal!)


Burrying bad news -the Gov't's hoping that it'll focus our attention on the quik quid lot ,rather than on some of their more nefarious practices :D

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