Thursday, December 27, 2007
Unbeleivable Loan Interests Charged - 2.6 million per cent interest rate
Festive season means people need more money to spend. And People often fall under the trap of extortionate quick-fire loans. Yeah recently this has happened with the unnamed York woman, who actually borrowed £320, and in return paying back more than £800 every month, almost £700 being paid as interest every month. And credit firms do claim that they are not breaking laws. It means the woman would have to pay as interest £12.80 in a day, £92.80 in a week, £400 every month or £4,809.60 over the year. Not only that, she had also taken a loan from Payday UK in Milton Keynes and they are charging 16,203.2%, making her repayments even higher. It is better that we plan our finances in a better way before we let everyone access our pockets.