www.iva.co.uk

I can't believe an advert I have just seen on TV! It's for an internet company called "Quick Quid" and they offer loans to people, via the web, with no forms to fill in, with the idea that the loan gets paid on your next payday. APR???? 2356%!!!!!! Even as a short term loan, this is ridiculous! Surely this cannot be allowed in this day & age. It's like a loan shark via the internet!

I've seen it. Unfortunately they are regulated and allowed to do this.

Whilst they do charge extortionate fees, they are better than loan sharks - you won't get threatened with violence if you don't pay.

I know it's crazy. I am just glad that we were able to face up to fact before we got in a worse mess.

Whilst we were in desperate straits, I never considered using anything like this, and I wouldn't use them.

At least they are legal.

They also don't hide how high the APR is, so you go into it with your eyes open.

I don't agree with the ridiculous charges but I agree with Jan, they don't hide the APR.

As long as people are desperate for loans, these companies will continue to thrive.

There should be a limit to what they can charge in my opinion.

Quite agree Julie. I know they are taking a risk lending to people who may have a less than perfect credit record, but it's no excuse to charge such a high interest. They also charge a £25 'admin' fee when you take out a loan, so if you want to borrow £100, it's going to cost you £125 from the outset!

Madness but there is obviously a market for them and no doubt probably help the minimal few and the others well....