Need a helping hand ?

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    Need a helping hand ?

    This handbill came into my letter box recently.

    Top of handbill asking - Need a helping hand ?

    Borrow from £100 to £1000 if its right for you?

    Bottom of handbill shows "Representative 535.3% APR"

    This must be an excessive over the top interest rate from any lender .

    Have a search for payday loans, over 1000% APR is commonplace.


      I thought the government was going to outlaw this practice.


        The problem is that APR's were meant for comparing long term loans such as mortgages.

        For short term loans like payday loans paid back within a month they don't reflect the true interest situation and so look ridiculously high.

        Payday loans and the like work on a monthly interest, not an APR.

        If you borrow £100 for a month (or part of a month) and pay back £120 at the end of the month then that's 20% interest and not 500+% interest, but it's the calculated APR that they have to put on their documents by law.

        If you don't pay it back at the end of the month then it's 20% on £120 for the next month, and so on each month compounding up, which is how the calculated APR builds up so high.
        (The major payday lenders are very careful these days not to lend to someone who won't be able to pay it back at the end of the month).


          I thought there was a legal limit of 100% so that the interest charged could not exceed the loan amount in one year.


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