alchresearch Posted December 13, 2011 Share Posted December 13, 2011 The companies involved insist that APR is an unreasonable calculation for a short-term loan. They'd be right. Borrow £100 from Wonga for a day and pay only £6. If I lent a mate £100 I'd want a tenner for my trouble. And see how easy it is to borrow £100 for a day from your bank, or how much an unauthorised overdraft would cost you. Barclays charge £22 for up to 5 days authorised, unauthorised is either £20 or £40. Link to comment Share on other sites More sharing options...
HeadingNorth Posted December 13, 2011 Share Posted December 13, 2011 And see how easy it is to borrow £100 for a day from your bank, or how much an unauthorised overdraft would cost you. Nothing whatsoever; but then, my bank is not a bank, it's a building society. Link to comment Share on other sites More sharing options...
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