Quick Loans Adverts on TV

[Kodiak]

I am just sitting on the computer with the TV on in the Background. The Adverts came on and as usual I tuned out until one of those "Get a Quick Short Term Loan" Adverts came on.

Now I am not in need of a Loan but I was curious what the interest rate would be so I read the print on the screen and I found this info. In my mind I thought the interest rate would be fairly high, about 100% to 150% but I was Gob-Smacked when I read that the interest Rate was ......Wait for it.....here it comes......:-

2356% APR

Is it just me or is this rate of interest just excessive and is taking advantage of people who are in a real financial bind. I still can't get over this 2356% Interest Rate, I just do not know how they get away with this.

[Invisible]

It always pays to read the small print

[teddybear1873]

I am just sitting on the computer with the TV on in the Background. The Adverts came on and as usual I tuned out until one of those "Get a Quick Short Term Loan" Adverts came on.

Now I am not in need of a Loan but I was curious what the interest rate would be so I read the print on the screen and I found this info. In my mind I thought the interest rate would be fairly high, about 100% to 150% but I was Gob-Smacked when I read that the interest Rate was ......Wait for it.....here it comes......:-

2356% APR

Is it just me or is this rate of interest just excessive and is taking advantage of people who are in a real financial bind. I still can't get over this 2356% Interest Rate, I just do not know how they get away with this.


You should see them over here in the States Kodiak. Every street there's a payday loan office and you can go in and your approved whether your in debt to the eyeballs or not.

How they get away with it I do not know as it's so easy for someone to get even deeper in debt.

[bekisman]

Tiz true! (Not sure if it's the same one, but what a bleeding rip-off!)


A television advert for cash loans with borrowing costs of more than 2,300% has been banned. The publicity for QuickQuid sparked complaints when viewers including an MP discovered the jaw-dropping charges.
In the advert for short-term loans, a voiceover claimed the company was "committed to responsible lending" with no mention of the real cost.
Customers would only discover the charges when they telephoned QuickQuid or logged on to its website.
Twelve viewers complained that the company could take advantage of vulnerable people with its typical rate of 2,356%.
In reply, CashEuroNet UK LLC trading as QuickQuid said the advert gave a "general description of its services" and loans were not given automatically. Anyone wanting to borrow money would have to apply via the website which included details of the finance charge and APR.
The Advertising Standards Authority (ASA) said that according to Office of Fair Trading guidance the typical rate should have been included in the advert.
This was because it featured incentives such as "same-day funding" and "get the money you need today".

The ASA also found: "Because of the rate of the interest charged and the potential vulnerability of consumers likely to be attracted by the ad, we concluded that the ad was likely to mislead consumers by omission of information concerning the rate of interest."

QuickQuid's advert broke rules governing misleading advertising and lending and must not be used again, the watchdog concluded.



http://www.express.co.uk/posts/view/132519

[ShelleyCowie]

I hate all them adverts! If someone wants a loan its better to go through a bank in most cases.

Interest rates are impossible to pay back on them adverts! Sick of adverts that have loans, sell your gold etc etc!! Pointless [evil]