Idiot Takes Out Loan With 2.6m% APR, Then Moans “Its Expensive”
It’s disgusting really that anybody can be that stupid. Its quite horrific to think that someone somewhere would take a loan out for £800 and accept to pay back £800 a month forever. Then, when the chips are down, what did she do? She took out another loan. With a slightly better 16k% APR.
The first loan, which came with an interest rate of 2,639,385.9 per cent APR, was agreed with Early Payday Loan Ltd (EPDL) based in Windsor, which lends up to £800 a time to clients.
The second loan, which came with an interest rate of 16,203.2 per cent APR, was agreed with Payday UK, based in Milton Keynes. That was for £225, but within 16 days the cost of repayment was £281.25.
Amazing. Apparently most people don’t even read the APR on small loans. Excuse me? When they have to widen to page to fit the digits on, its difficult not to notice.
There is no excuse for stupidity like that. None at all.