TV loans

[alancdavis]

Just seen one on the TV,,,5570%apr,,,,
How do they get away with that

[dustydog]

I was thinking the same gosh they seem not to have the xmas spirit

[SteRB5138]

How are they still legal! I bet they are busy this time of year.

[morcheen]

i suppose if your dyslexic,which more and more like to claim they are ,instead of just not being very clever! those rates might look very cheap

[alancdavis]

loan shark comes to mind

[RS Stan]

So if you borrowed a £1,000 over 6 months how much would it cost you to repay it?

[dandibo]

These loans are designed for very short term ie payday loans if you required a longer time to pay then these are not for you!

[grum]

So if you borrowed a £1,000 over 6 months how much would it cost you to repay it?

well, if you hadn't flumped out of maths at school, you'd be able to work it out !!!!!!!!

[Miniliteman]

well, if you hadn't flumped out of maths at school, you'd be able to work it out !!!!!!!!

I bet you can't either ..

[grum]

errr, ummm, errr ....................... £14 5d 6p

[Mexicomark]

Around 2.7 million.

[Miniliteman]

errr, ummm, errr ....................... £14 5d 6p

Around 2.7 million.

Somewhere in between

GJ is texting daughter A. at the moment hoping she can give him the right answer so he can look clever for a change on here

[alancdavis]

£1000 x 5570% apr(12month) = £557000
Divide by 2 (6 month) = £2785000 to pay back plus the original £1000

£2789000 to pay

I think

[Rallyman72]

Errr - no.

£1000 x 5570% = £55,700 so the amount repaid is £56,700.

Over 6 months it is £27,850 plus the original loan so £29,850.

[alancdavis]

Ooooops,,