'Quick Quid' Payday Loans

Hequn

Hequn

Hequn

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Joined
4 Jan 2003
Posts
1,609
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Oldham, Gtr Manchester
Just saw an advert for these and I thought, hmm I wonder what kinda of ridiculous APR they charge, I really had no idea it was going to be this bad...

http://www.quickquid.co.uk/ (APR is bottom of the page)

People must be REALLY desperate to opt for that!
 
Generally loans like this are for a matter of days, so "conventional" APR wouldn't be a viable business option for the loan companies.
 
jamief said:
Generally loans like this are for a matter of days, so "conventional" APR wouldn't be a viable business option for the loan companies.
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True I guess, but borrowing £1000 and paying back £1500 days later seems insane to me.
 
I took one of those through quidco for £100.00 and got a £60 referral bonus, effectively netting me £40 for free, i feel sorry for the people who actually use these services.
 
Everyone knows they have ridiculous AP Rates, and everyone knows why. This topic comes up so often, and all it does it serve to highlight the lack of financial knowledge that some people have as they can't even grasp a simple concept of the APR.
 
The APR doesn't actually matter a huge amount as people generally use them for a few days at most. The kind of people who don't have or can't get a current account, that is!
 
Hairybudda said:
I took one of those through quidco for £100.00 and got a £60 referral bonus, effectively netting me £40 for free, i feel sorry for the people who actually use these services.
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Actually I've found one for PaydayUK thats pays £50 for a completed loan, assuming I took the minimum £80 one out, have to pay £100 back, that effectively earns £30 for nothing. Can't see one that does £60 though :confused:
 
Hequn said:
Actually I've found one for PaydayUK thats pays £50 for a completed loan, assuming I took the minimum £80 one out, have to pay £100 back, that effectively earns £30 for nothing. Can't see one that does £60 though :confused:
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There was a special offer on Quidco a while back, I did the same thing and made £60.
 
Hequn said:
Ahh right, but still, doing what I said makes effectively £30 for nothing right?
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Yup! Pay them back immediately and you get free £30.00 and the satisfaction of taking money from them for a change. Be wary though they call you and try pressure you into keeping it for another month around about the time its due to be paid back and they're pretty pushy.
 
Hairybudda said:
Yup! Pay them back immediately and you get free £30.00 and the satisfaction of taking money from them for a change. Be wary though they call you and try pressure you into keeping it for another month around about the time its due to be paid back and they're pretty pushy.
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Ahh cool, cheers, don't see any reason to not do it then, in fact I'll enjoy it :D
 
why would anyone NEED money that quickly..

with any service/utility bill, you can explain to them "I can't afford to pay it until next month", they always let you pay later..
 
Hequn said:
People must be REALLY desperate to opt for that!
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APR is a bad way of appraising short term emergency loans.

If I really really needed £100 and you wanted to lend me it to make a bit of money on the side would you really offer me £100 at 10% APR? You'd make pennies out of me if I then paid it back a week later!

£25 fee for emergency loan of £100 seems entirely reasonable?

The only reason huge APR is quoted is because to protect idiots with no brain you are legally obliged to quote APR.
 
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