Quote:
Originally Posted by jaysay
Marvelous, they're using a real role model aren't they, when these people take these loans out do they never look at the APR which in a lot of cases is over 2000%
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Why does the APR matter?
These loans are supposed to be short term for a couple of weeks until you get paid. If you borrow £100 to pay a bill and you have to pay back £110 then the loan cost you £10. The bank charges for missing that bill payment could be £30 so you saved £20.
Please don't just jump on certain MP's bandwagon about pay day loans without looking at who they may be good for.