Spot the mistake

[graemer]

I got this junk mail through the door today.

I telephoned the company and asked them to remove me from their mailing lists.

I asked if there was a mistake in the interest rate example given and to my horror the answer was "NO this is the rate we charge"

How can companies get away with this. You would have to be very desperate.

http://i40.photobucket.com/albums/e215/Graemer1/File0001.jpg

sorry fro the rubbish scan.

 

[graemer]

177% APR!

Correct.

I asked the guy of it was a mistake and if people actually borrowed from the company and he said YES

 

[graemer]

I get the point about the loand being short term and also that people can be a risk but there are better places to go for loans.

I guess its the same everywhere but where I live there is a credit union run by the council that help people out like this and their rates are a lot less. I guess the downside of them is you have to have some money to borrow against in the first place.

Looking into it further someone comes round to your house each week to collect the payment as well. Dont they call them loan sharks?