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    A very cheap loan! Just look at the APR!

    Was browsing XDA Developers website and found this banner from Provident.

    18 Comments

    no link? no anything..

    Original Poster

    http://img175.imageshack.us/img175/5679/providentsc5.jpg

    Got it right at last

    Original Poster

    SuperDavy;1685872

    no link? no anything..


    Jeez you were quick! This forum doesn't allow pictiures in first post, so I had to post it separately.

    fantastic rate thinking of taking loan out now

    183.2 apr

    Don't take the p==s. there are plenty of muppets and pensioners who would sign the dotted line for a loan with a rate as stupid as this one.

    Original Poster

    Are you kidding? Why someone would take it?

    scum sucking mother flaping grime the lend to people who cannot afford it then drill them to extend there loan just to pay of there next payment and escalate the amount again and again if i new these virmin had hooked my mum 10 years ago me and my brother would have easely helped we only found out when she had died and we was clearing out the house (she was to proud to ask her kids) god bless my mum xx

    hehe my bad

    i got that through the door today lol

    i do voluntary work with my local credit union lots of our members use joined to get away from this scummy robbing company and one of our members has worked for them for years,she said she would,nt take any loans from them.THEY ARE LEGAL MONEY LENDERS NO BETTER THAN THE SCUM THAT GIVE OUT LOANS IN THE PUBS.

    The term is usury.

    Banned

    This is a great APR................... in Zimbabwe

    I think this is a massive problem these days.

    They lend anyone the money and then charge theses ridiculous apr's.

    My wife a few years ago got a 200£ loan it cost us 420£ to pay it back.

    Her sister got a great deal on a VW Beetle but had to pay cash, she had 50% of the money already but had to go to these cowboys for the rest.
    so shes paying back 1500£ at those sickening APRS god knows how much she has to pay them back.
    They have just posted record profits in the last couple of days:x

    They prey on the poor and just make the situation more difficult.
    Basically professional loan sharks.

    OMG that should be illegal. I'd rather sit on cardboard boxes or catch the bus than pay them this APR... what a complete and utter rip off!!!!!!

    Original Poster

    I received quite competitive car insuranse quote from these guys and now I am going to reject it. Don't want to give my money to scum like this.

    BTW, I was pretty sure that this was a genuine mistake - i.e. they put a dot in wrong place.

    That must be a mistake, a two year loan of 1000 pounds would mean paying back 2500 pounds in total at the end.

    edit - actually it can't be a mistake as the example they give is calculated at 182% APR.

    John

    Original Poster

    Take a look at their example above.
    If you put these details in APR calculator: pem.co.uk/com…tml
    you'll see that there is no mistake (almost... the calculation is valid for 12 moths and their period is 13 months)..

    Example - Loan £300 for 12 months. APR 183.6% as per advert.
    Monthly repaiment is £42.05 (a bit more than £9 quid/week)
    Total payments: £504.64
    Overall charge for credit: £204.64
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