Quick Quid? Quick way to Bankruptcy!
By Glen Smith onI have recently been seeing adverts on the TV for QuickQuid, a ner Company offering short term loans. The term is usually very short indeed, just up to the next pay day, this presumably is between say, one day, and just under one Month. They offer quick approval, up to 1500, and funds can be yours the very same day. You can apply online, and the whole process takes just minutes. Apparently some 85% of all applicants are approved. The Company tells us that they have One Million satisfied customers.
Terms and conditions apply, right, here is where it gets interesting. The "Finance charge" will be between Ten Pounds, and 14.75 per 50 borrowed! The Annual Percentage Rate is staggering, I keep reading it, and you may not believe it but read this :- Typical 2356% APR!!!
OK, I do realise that nobody will consider borrowing any amount of money at that rate, over a one year period. BUT, there may be circumstances that force you to not pay off the debt on Payday. Circumstances beyond your control that can put you in debt for the rest of your life.
I must advise anyone who needs to borrow money, they should be taking professional financial advice. I am sorry but this type of loan is not the answer.
Is it possible they missed placing a decimal point in there? And Florida always had one of the highest interest rates in the US. How is that rate even possible and allowed? Thanks for putting the warning out there for others. Very scary.
No mistake, apart from the ones made by the customers!!!
I believe in Canada this interest rate would be illegal! It's sad how people with money take advantage of those without.
Yeah these companies are ridiculous!! and are definately not the answer.