Quick quid at 2,356 per cent **

[Consumer dude]

I can't believe that a company like Quick quid are allowed to advertise on day time telly where those more likely to respond are those on low income, eg single parents and those on other low incomes. How do they get to there APR of 2356 ?

[Consumer dude]

I can't believe that a company like Quick quid are allowed to advertise on day time telly where those more likely to respond are those on low income, eg single parents and those on other low incomes. How do they get to there APR of 2356 ?

 

 

 

 

I Don't think they should be allowed to advertise on day time telly, at the rates they do. What do others think ?

[garysonjack]

What argument is there for banning people from advertising in the day though? Rates are very high, but I suppose in their defence they'll claim at least they tell their rate.

[121o121]

from their website

 

Terms and Conditions apply. Finance charge will be between £10 and £14.75 per £50 borrowed. Typical 2356% APR. †Loan amounts are based on consumer's credit history and ability to repay loan. Not everyone may qualify for £1500 ‡QuickQuid performs traditional credit checks, while still accepting those with less-than-perfect credit. QuickQuid verifies applicant information via various national databases. §Funds will be deposited the same working day, if approved by 14:30. ¶Approval may take up to 30 minutes in most cases. Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counselling.

 

The maximum interest charged for say a £100 SHORT TERM loan is £29.50.

 

I don't see nothing wrong with that. It's when people use it as a long term solution they fall into a mess.

 

Or have I got this completely wrong?

[sillygirl1]

I agree with ConsumerDude, the daytime advert is as bad as Wonga's 'App to Lend', you very quickly have to take out another loan to keep enough money to pay the loan and the interest back each month...

 

If it is such a short term loan then why not pay it back over 3 months instead of one, that way there would be less reason to borrow more to cover the larger shortfall - and make all these companies abandon the APR comparison (did you know there are about 15 ways to calculate APR...) and use XXX for every £50 borrowed as a comparison.

[Consumer dude]

I agree with ConsumerDude, the daytime advert is as bad as Wonga's 'App to Lend', you very quickly have to take out another loan to keep enough money to pay the loan and the interest back each month...

 

If it is such a short term loan then why not pay it back over 3 months instead of one, that way there would be less reason to borrow more to cover the larger shortfall - and make all these companies abandon the APR comparison (did you know there are about 15 ways to calculate APR...) and use XXX for every £50 borrowed as a comparison.

 

 

 

Thank you for that. Somethings are just wrong and this is one of them..

[121o121]

I understand what you mean, but people do have a freedom of choice.

[ozzywizard]

Post reported.

[sillygirl1]

I've reported the advertising post, they are posting everywhere they can this morning, must be bored....

[ozzywizard]

Haha, yeah they wanna share the wealth . . gawwdd surely they could do somthing more constructive on a sunday at 9am..

[sillygirl1]

Unfortunately in the financial world they do not, when a bailiff comes knocking because you have missed a council tax payment and trebles the debt some people dont have the skills and internet access to demand the council take the debt back due to their circumstances.... so turn to the likes of these companies.

 

The credit crunch is now affecting all these sharks and hopefully none will survive more than another financial year.

 

I understand what you mean, but people do have a freedom of choice.