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    QuickQuid

    Wow anyone seen the advert for quickquid? typical APR 2278% Is that even legal? wouldn't it be easier to get a loan from a loan shark at that rate? Its bad how companys pray on the poor and desprate.

    8 Comments

    Yeah it's shocking. I think they have to publish the APR as it's the annual figure - but the idea behind these type of loans is that it's very short term - period of a couple of weeks say.

    Original Poster

    Still though on 1.5k the max they give wouldnt that be around 40quid a day?

    Just had a look at QuickQuid...........do people actually use it!? I know sometime you need extra money but that is insane!!

    Original Poster

    I know who would use it, plus I just saw the advert on sky! if your that broke why do you still have sky

    Yeah, I spotted the apr in the small print on this ad a while back.. Utter madness!

    Some people must use it though for the short term (hopefully just short term!), out of desperation I guess.

    Nikki999

    Yeah, I spotted the apr in the small print on this ad a while back.. … Yeah, I spotted the apr in the small print on this ad a while back.. Utter madness!Some people must use it though for the short term (hopefully just short term!), out of desperation I guess.



    Small print? You might need your eyes testing :P It's one of the biggest bits of text on the screen!

    Have a look at this wonga.com/ its 2689% APR..., so your one is cheaper at 2278%..,

    The APR doesn't really help when comparing such a short term loan. A flat interest rate would be much more sensible for terms of up to 1 month.

    Say you need a 1 day loan of £500 - just to get your car through the MOT until your pay check comes in - and you don't have other credit available. Do you really expect to get a normal loan at about 10% APR? That would be a return of about 41p for the loan company. It wouldn't even pay for the cost of the transaction, let alone running the business. Of course no company is going to make that loan!

    You would want to make enough to cover the admin costs and some profit. So what would be a reasonable return? Even if you accepted a £5 admin fee and £10 a day profit that would still be well over 1000% interest.
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