Have you seen the advert for payday loans on the telly lately? The very small print at the bottom of the screen points out a typical 2356% APR. Scandalous.
I can beat that - wonga.com are advertising on TV at the moment with an APR of 2689%.
To be fair though, these companies offer a service that no one else does - short term loans to people that don't have anywhere else to go. If you need £100 to get your gas and electric turned back on but don't get paid for a couple of weeks, borrowing the money now and having to pay an extra £20 back isn't that bad an option.
As long as the APR and costs are clearly shown and everything is above board, where is the problem?
