That high apr is on loans which are extremely short term and provided you use the service as its intended then fine. The problem comes when you start taking out a loan to pay a loan etc etc.
I don't condone these outrageous rates,just thought some balance of view was needed.
Oh and provident have stopped sending me loan offers after I used their prepaid reply envelope to send them toe clippings!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Never use these loan - however did on a few occasions use the cheques cashing service (where they delay cashing the cheque for about 30 days) cost about 15 pound in fees - but cheaper than bouncing a cheque
Hi, I took such a loan before my IVA, not that long ago. I was quite desperate...but anyway, it was short term only like two weeks. I borrowed £150 and had to repay £194. I agree that loans like that should be forbidden.
I agree with PD that if you can pay it back straightaway there shouldn't be a problem - trouble is that by the time you get around to needing this sort of loan you're not usually in a position to be able to pay it back and can get into a lot of trouble very quickly.
They obviously charge high interest rates because they're taking a risk on you - don't think they should be as high as they are though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
