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WONGA, one of the most popular in the UK quotes APR of 4214%! Of course that sounds worse than it is because the loan is short term. Still though, I wish ther
by jiggy2011 14y ago
WONGA, one of the most popular in the UK quotes APR of 4214%!
Of course that sounds worse than it is because the loan is short term.
Still though, I wish there was a more reasonable solution to this problem. I wonder how much of these rates are due to the risk involved in loaning to the sort of people who take these loans and how much of it is "because they can".
- raverbashing 14y agoI believe that's the real tragedy (the last phrase) My bet is that most of the people that use these services couldn't make a simple interest calculation
- jiggy2011 14y agoMost of these sites will show the amount of interest due so I don't think it's so much that issue as it is the issue that taking out one of these loans increases the chance that you will need to take out another one of these loans the following month which is a much harder calculation to make.