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I just saw a tv ad for a loan with an APR of 2689%

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TheBigotBasher Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-06-10 10:15 AM
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I just saw a tv ad for a loan with an APR of 2689%
Wow.
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muriel_volestrangler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-06-10 03:26 PM
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1. Yep, probably a short term loan
Something like "borrow £100, pay back £130 a month later". Annually, that would work out as 1.3^12=23.3, ie 2230% interest APR. If the APR stays that high for larger or longer loans, they'll make huge profits; at the short, small amount, some basic administration makes up a considerable part of the cost.
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