2278% APR!

Neodite · 20 Sep 2010 at 15:12

Oh dear

Mercenary Keyboard Warrior · 20 Sep 2010 at 16:59

Neodite said:
Exactly.

It's a nice quick way to boost up your credit rating.

Sure it's going to cost you a few quid, but to get on the "credit ladder" it's worth it

Do they really bother to advise equifax etc that you borrowed £50 for 2 days? Hardly seems worth them bothering in this situation?

I wouldn't mind boosting my credit rating. I just don't show up enough on the triggers for the rating, dont want any new credit cards so a couple of these could help. Still dont get why my credit rating took a hit because I dared to move house, but it did.

Glaucus · 20 Sep 2010 at 17:06

cm1179 said:
and wouldn't advise anyone to use it either.

That's rather daft, as already said the % means nothing. You need to look at the cost and it is often cheaper than an informal overdraft fee.

EffBee · 21 Sep 2010 at 22:44

cm1179 said:
http://www.quickquid.co.uk/fee-schedule.html

i just saw an advert for this service on the tv and thought i was seeing things. turns out i wasn't! luckily i am not in a position to require this service and wouldn't advise anyone to use it either.

surely there should be a law against this? how can this possibly do anything but make the situation worse for people?

Fortunately in the real world people are not as bright or perfect as the good folk in here

Quickquid don't really want people like you. They want lots of people who borrow a little money then have trouble paying it off quickly - and pay masses of interest. Bit like a credit card supplier on super steroids.

DJMK4 · 21 Sep 2010 at 22:49

How is it stupid? You borrow 50 quid, you pay 65 back, they make their money, you get a short term loan. People don't give out stuff for free

[FnG]magnolia · 21 Sep 2010 at 23:01

Financial ignorance and GD seem to go hand in hand these days.

DJMK4 · 21 Sep 2010 at 23:14

I thought these loans didn't touch your credit rating? Why are people suggesting they do? They don't credit score you when they process your application

They have their own rating system. Ie if you take out a loan with them and pay it back on time, 1 gold star, if your late they will either hike the price of the next one or refuse you