Search results

its because the way you are obliged to represent interest and repayment fees, to enable consumers to compare. if you loan £100 for 5 days and charge a flat fee of £10, thats going to work out at 730% over a year, say charge a late payment penalty of another £10 and doubles the anuall rate. if...

but this doesnt happen. they cap the interest after a fixed amount. the APR is a misnomer because they legally have to display it like that, in reality its a fixed fee repayment. much was made of admission yesturday that 40k people failed to repay. however, thats from 1.2m customers, and...