I'd just watched a live stream of a horse race (I lost €4 :() when an advert came up for 'pay day loans'. The text and voice-over mentioned 1971% APR so I took it to be a spoof, warning people off seemingly attractive loans. It was genuine.
link
"Representative example: £350† borrowed for 12 months. Interest 348% p.a. variable. Representative 1971% APR (variable). Total amount repayable £1267.80 in 12 payments of £105.65 per month. Total cost for credit £917.80 comprising interest of £917.80."
Well, it's legal apparently. We seem to have reached the point where loan-sharks can actually publicise their outrageous terms on TV in a cheerful matter-of-fact voice and still do business.
link
"Representative example: £350† borrowed for 12 months. Interest 348% p.a. variable. Representative 1971% APR (variable). Total amount repayable £1267.80 in 12 payments of £105.65 per month. Total cost for credit £917.80 comprising interest of £917.80."
Well, it's legal apparently. We seem to have reached the point where loan-sharks can actually publicise their outrageous terms on TV in a cheerful matter-of-fact voice and still do business.
via JREF Forum http://ift.tt/1qxWDdQ
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