I think that the APR is so horrific
because the loans themselves are to be bridging loans over a matter of a week or so but they are still obliged to print the APR. Certainly the interest charged over the bridging preiod isn't going to be pretty but I suppose it is what it is.
(SpunkyMcSpunkbubble Diddled your nubbin on, Thu 22 Apr 2010, 9:30, 1 reply, 16 years ago)

but take for example
that kev and sharon need a ton til next week to buy cider and food for't' kiddies. kev earns minimum wage packing meat in a factory just off the estate. when he's paid, he'll have to give his entire salary to the company to pay the loan, and presumably take out another from another company with limited morals to cover the month ahead... thereby kickstarting a huge and awful spiral into tens of thousands worth of debt.
(hypnoticme is an anarcho-syndicalist commune, Thu 22 Apr 2010, 9:40, Reply)

you know that the A in APR stands for annual, right?
So 2356% = around 6.5% per day. Not nice but not the numbers you were using.
( The Light in Chains don't touch the Pope's boner, Thu 22 Apr 2010, 9:43, Reply)

fully, thanks
but i don't see how that's relevant? still extortionate rates whether you pay them back in an hour or a decade.
(hypnoticme is an anarcho-syndicalist commune, Thu 22 Apr 2010, 9:46, Reply)

are you sure you divided by 100?
Percentages are tricky things.
( The Light in Chains don't touch the Pope's boner, Thu 22 Apr 2010, 9:48, Reply)

haha

( Kitty v1.0 desperately naive, Thu 22 Apr 2010, 9:50, Reply)

I'm not saying hypnoticme is functionally innumerate, but
No, wait, I am.
( The Light in Chains don't touch the Pope's boner, Thu 22 Apr 2010, 9:54, Reply)

thanks
would you like some gloat with your superiority?
(hypnoticme is an anarcho-syndicalist commune, Thu 22 Apr 2010, 9:56, Reply)

Always
It's the icing on the party ring of my triumph
( The Light in Chains don't touch the Pope's boner, Thu 22 Apr 2010, 10:02, Reply)

i thought the equation would look something like this
100x2356/(7x52) [Amount x APR/Time Frame] - although my maths skills aren't exactly skills
(hypnoticme is an anarcho-syndicalist commune, Thu 22 Apr 2010, 9:53, Reply)

Replace APR with (1+APR/100)

( The Light in Chains don't touch the Pope's boner, Thu 22 Apr 2010, 10:00, Reply)