You 'avin a larf?
We've all seen these adverts for short term 'Pay-Day' loans, but if your credit's that bad that the Acme High Street Bank won't offer you a short term loan, why on earth would you borrow from this bunch of wide-boys.
You'd think that anyone seeing adverts for money at an Annual Percentage Rate (APR) of FIVE THOUSAND, FIVE HUNDRED, AND SIXTY NINE PERCENT would take to the hills. But these adverts are becoming more and more common, so I imagine that desperate clients are queueing at their doors.
Cro's advice: Don't borrow money at 5,569%. That's it. Nothing else to say. No more discussion. End of story!
19 comments:
My thoughts exactly Cro. Maybe the weren't listening on the day they did percentages at school.
It is hard to believe that these guys are legal in England (at least; other countries may be more sensible).
Presumably the proprietors of 'B. Rokenbones Finance of Essex Ltd' remove their knuckledusters when tapping at a keyboard, checking on their online empire.
The mere existence of this "industry" is the true indicator of the state of the economy.
Interest owed must accrue faster than the interest earned William Gates' Post Office Savings Account.
The t.v. adverts always show people bouncing and dancing out of the loan-shark's offices, laughing (probably hysterically) and out of thier minds with glee at having 'secured' a loan! Incredible.
The 'government's' excuse for allowing these criminals to operate is so that they can keep an eye on them, but they do not stop them from lending to people who actually have no 'pay day', and are unlikely to pay them off by the end of the month anyway.
Makes about as much sense as the US borrowing money from China, Cro!
Imagine the desperation of someone driven to use one of those places.
Geez Cro...is that for real?
As you said, the desperation of people can cause people to do foolish things.
These guys are today's version of the Provident - there's always someone to take advantage of desperation. Yes, avoid like the plague!
Hard to believe, but this is just one of many who advertise these crazy rates of interest.
It's too bad these outfits are legal anywhere. Talk about taking advantage of the down and out.
We have 10 of these in my small town, which tells you they are fodder for our poor and down and out here. At one time, our state government was trying to outlaw these, don't know what happened there.
Avoidance is the only way, like everyone here says.
We have them over here too,the other weird one is buy now, no payment till 2016 the piece of furniture will be worn out!!! and people do it by the droves.
It' scary what people get themselves into. We've never had a lot of money to throw about, but we've never had to walk in those shoes either.
the poor are always people that are taken for a ride cro....
This made my jaw drop.
Shame on them.
A plague upon them all, T.
You have got to be desperate to do this. I am with you, turn around and run!!
Loved your comment, Donna!!!
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