Your maths is way off
The instant loan companies basically lend you, say, 100 quid for a fixed fee of something like 25 quid, to be paid back within a week/month.

So you borrow 100 quid, and, a month later, you owe 125 quid, but that's the end of it. The APR they quote is the APR you would have to be charged if you did the equivalent loan with a traditional bank loan, credit card, overdraft or similar.

www.wolframalpha.com/input/?i=100+GBP+loan+at+2356%25+for+1+week
( le brian, Thu 22 Apr 2010, 10:00, 2 replies, latest was 16 years ago)

That is the first time I've seen anyone actually using WolframAlpha

( crackhouseceilidhband Fuck off back to Mumsnet, Thu 22 Apr 2010, 10:25, Reply)

It's the only good use I've found for it so far

( le brian, Thu 22 Apr 2010, 12:09, Reply)

.
thanks for clearing that up, my maths is notoriously awful
(hypnoticme is an anarcho-syndicalist commune, Thu 22 Apr 2010, 12:51, Reply)