Quote:
Originally Posted by Neil
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.
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That's all well and good Neil, but how many FAIL to pay it back within the period and end up paying an arm and a leg, there are countless numbers who fall into this trap and end up in dire straights through it