Speed Demon Posted October 13, 2011 Share Posted October 13, 2011 i folks i am wondering if anyone has tried these loans places and which are the best ones to use without totally getting ripped off also, do people need to be employed in work to qualify for a loan or can any ape ring up and get one, also, what are the maximum people can ask for and do they need to lay it on thick to be awarded with stuff, also are there any places other than the council to get decorating grants, apart from social funds or community care grants are there any other solutions to getting funds where decorating is concerned Link to comment Share on other sites More sharing options...
barleycorn Posted October 13, 2011 Share Posted October 13, 2011 Hi folks i am wondering if anyone has tried these loans places and which are the best ones to use without totally getting ripped off... Representative 1734% APR. Representative example: Borrow £50 for 30 days. The total charge for credit is £14.75. Interest is fixed at a rate of £14.75 per £50 loan (359% per annum). The Total Repayable is £64.75. http://www.quickquid.co.uk/ Note the bolded sections. What do you think? jb Link to comment Share on other sites More sharing options...
alternageek Posted October 13, 2011 Share Posted October 13, 2011 i folks i am wondering if anyone has tried these loans places and which are the best ones to use without totally getting ripped off also, do people need to be employed in work to qualify for a loan or can any ape ring up and get one, also, what are the maximum people can ask for and do they need to lay it on thick to be awarded with stuff, also are there any places other than the council to get decorating grants, apart from social funds or community care grants are there any other solutions to getting funds where decorating is concerned Dont do it. Those places take advantage of people who are in desperate need. Youll only be another (legal) victim.. If youre credit is very good standing you might qualify for a peer to peer loan.. http://uk.zopa.com/ZopaWeb/ These places are good because unlike a bank loan, theres no penalty if you pay back early and have better interest rates as its all normal people helping each other out (ie: not loan sharks) Link to comment Share on other sites More sharing options...
Resident Posted October 13, 2011 Share Posted October 13, 2011 Some people need to learn and understand the meaning of APR For those that are too stupid to work out Google. ANNUAL PERCENTAGE RATE Companies like quickquid etc are SHORT TERM loan providers. Usually only upto 30 days. Charging a 26% APR like a bank would do over a loan period of 2 YEARS wouldn't net them sufficent money to cover costs. Lets use the example above, using bank APR. 50 quid for 30 days @ 26% APR 26% of £50 = £13 (so that's 365 days worth of interest) so £13 / 365 = 4p Now it's only 30 days not 365 so times that by 30 = £1.20 So using a similar APR as banks do, they'd make £1.20 on a 30 day loan of £50. That wouldn't even cover the admin costs of the loan being setup. If you read and understand how they actually calculate their figure for the £50 loan it works out that a £50 loan over 30 days costs you 50p a day. Link to comment Share on other sites More sharing options...
Cynic Posted October 13, 2011 Share Posted October 13, 2011 I can never understand the complaints about these places. If you need £50 now (as in really need it) and you have got yourself into a situations where nobody else will even think about helping, then paying £60 back after a month isn't a bad deal is it? What else you going to do? It is hardly the best way of managing money but it gets people out of desperate situations. Link to comment Share on other sites More sharing options...
truman Posted October 13, 2011 Share Posted October 13, 2011 Representative 1734% APR. Representative example: Borrow £50 for 30 days. The total charge for credit is £14.75. Interest is fixed at a rate of £14.75 per £50 loan (359% per annum). The Total Repayable is £64.75. http://www.quickquid.co.uk/ Note the bolded sections. What do you think? jb They are only supposed to be short term loans.....a month at most I would have thought.. Link to comment Share on other sites More sharing options...
barleycorn Posted October 13, 2011 Share Posted October 13, 2011 They are only supposed to be short term loans.....a month at most I would have thought.. I understand that, however all to frequently the borrower cannot afford to pay off the whole loan at the end of the month so has to take out another loan to cover it... and so begins the spiral of doom. jb Link to comment Share on other sites More sharing options...
ampersand Posted October 13, 2011 Share Posted October 13, 2011 I can never understand the complaints about these places. If you need £50 now (as in really need it) and you have got yourself into a situations where nobody else will even think about helping, then paying £60 back after a month isn't a bad deal is it? What else you going to do? It is hardly the best way of managing money but it gets people out of desperate situations. It all depends on the reason why the borrower "needs" the £50 in the first place - if it is a genuine one off short term cash flow problem and there are no alternatives it is fine, but if it is as a consequence of simply having too many outgoings it is often the start of a snowball effect - £50 this month becomes £100 next month and on and on Link to comment Share on other sites More sharing options...
Cynic Posted October 13, 2011 Share Posted October 13, 2011 It all depends on the reason why the borrower "needs" the £50 in the first place - if it is a genuine one off short term cash flow problem and there are no alternatives it is fine, but if it is as a consequence of simply having too many outgoings it is often the start of a snowball effect - £50 this month becomes £100 next month and on and on Yes it definitely isn't a good way of managing your money situation. These types of lender tget slated though because of the high APR. Purely from that point of vew charging a tenner to lend someone £50 for a month when nobody else will doesn't seem bad. Link to comment Share on other sites More sharing options...
ampersand Posted October 13, 2011 Share Posted October 13, 2011 Yes it definitely isn't a good way of managing your money situation. These types of lender tget slated though because of the high APR. Purely from that point of vew charging a tenner to lend someone £50 for a month when nobody else will doesn't seem bad. I agree From the borrower's perspective it all depends on their ability to repay it as to whether or not it is a good idea (and how much they need the money) From the lender's perspective, they are lending to someone who, in all probability, has a poor credit rating and, by definition, is a higher risk of defaulting on the repayment, hence the extra charge involved Link to comment Share on other sites More sharing options...
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