Quote:
Originally Posted by janloot
the apr certainly matters, especially if for some unforseen circumstance,its not paid in time, "supposed to be short term" is the key if you are stuck for a hundred quid, and its not paid, the out come is frightening,
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You enter into a contract with them to pay it within a certain time.
Just did a Wonga and £100 for 7 days will cost you £112.78. That's only £12.78 profit for them which includes their costs and the risk they take that you will pay it back.
How much do you think they should charge you for borrowing £100 for a week?
Would you be more happy if they charged you a lower APR but charged an administration fee?