Is this loan company OK? - loan advice

Jez

Jez

Jez

Caporegime
Joined
18 Oct 2002
Posts
33,073
I am after a loan to buy some things. I have come across this company:
http://www.v5loans.co.uk/

I am not up there with my finances, and have never borrowed money before. Is 439% APR any good?

They say that banks will only lend to people who "can do a double somersault & disappear up your own oblivion" - LOL, i can relate to that!


The illustration looks reasonable:

Loan Amount Weekly Repayment Loan Term APR Total Repayable
£1,500 £53.60 78 Weeks 439% £4,180.80

Seems reasonable to me, can i get a better deal elsewhere?
 
Doesn't seem that good, I mean you get get APR's higher than that from some of the payday loan people :)

Higher is better... right?
 
I like this website better!

http://www.wonga.com/

Whether you are borrowing £200 or £500, you’ll pay interest of 1% per day (£1 per £100 borrowed per day). That's an official APR of 2334%,
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Though actually, it's quite an interesting concept when you read into it :)
 
Lumeycom said:
imo that should be illegal, how on earth can they justify such a mindboggling apr?!
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I think its genius, you are legally robbing ****tarded ****** :) Goes against what this stupid government are striving to do. I bet the owner of this company doesnt even mind paying his 40%, as he will know that his tax is being used to fund his customers repayments.
 
platypus said:
Wow, just wow.

Seriously, the regulatory body should be stopping this kind of crap.
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Do you not agree that its bloody genius though? I am actually envious of the owner of that company, hats off to him for finding a way to recoup his extortionate income tax back from the scroungers who steal it.
 
platypus said:
Wow, just wow.

Seriously, the regulatory body should be stopping this kind of crap.
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Why? As long as it's clearly laid out, why should regulators stop people entering into contracts, no matter how bad they may be?

The idea that people should be protected from the consequences of their choices is one of the nanny state, not one of a free society. As long as the information isn't hidden and lies aren't told, the regulators absolutely should not get involved.
 
Isn't that attitude exactly what got us into this whole financial mess in the first place?

Thinking that people and companies would be responsible enough to look at the consequences of the contracts they were entering into, rather than looking at short-termist borrowed money in the pocket and short-term profit for the lenders.
 
I see nothing wrong with it, if people are stupid enough to sign up to this sort of thing then.. well they get what they want.

It's odd how we whinge about the nanny state, yet we want them to regulate everything to hell and back. As long as they're clearly stating the stupidly high interest rates and charges then I don't see any problem.
 
Rich_L said:
Isn't that attitude exactly what got us into this whole financial mess in the first place?

Thinking that people and companies would be responsible enough to look at the consequences of the contracts they were entering into, rather than looking at short-termist borrowed money in the pocket and short-term profit for the lenders.
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No, what happened is people got far too comfortable with signing contracts they didn't understand and assumed that the government of some ombudsman would dig them out if it was a bit dodgy.
 
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