Where does the 200% come from?
On their website they are only charging 27.9% apr...
Here we are.
Or this company that are charging 182%
they've been around for years...
if your a high risk, then the APR is gonna be a lot higher... i keep getting flyers through the post from Provident.. where the interest is close on to 135%. i personally would rather do with out, than go down that road.. but there are people around that have no choice. but to pay that extra.
Provident have also been high...they aim there credit at the low paid and unemployed...they are nothing more than blooding sucking leeches!
Thats true Powers.
I cannot believe that what they are doing is legal. I know it is but they are targeting the very vulnerable people.
The very people that need protecting from these Modern day highwaymen.
provident are horrid,
they door step people,turn on on council estates knock on doors asking if they would like to borrow say £100. only £3 per week, then show you the cash.
most ppl are so fed up and skint they bite their hand off. not understanding that £3 a week is for the next year or more.
then just as your close to paying it off they offer you another £100, but this time you only get £60 cuse you still owe £40 from origional debt. and so it goes on and on.
some people tried to get out of this trap and save with the hamper thingys, but as we all remember the company went tits up and they lost everything.
where were the government then to bail out like they did for northen rock?
check out your local credit union if you cant into saving money,they also do low 1% intrest rate loans.
xx fem xx
These people are leeches! They should be stuffed head first into cesspits..
I agree these people are leeches, and a lot of unethical stuff goes on in the bad credit end of the loans and credit card market, but you also have to look at the other side of the picture.
If the government (especially in boom years - not so much now) had tried to regulate these people (or mortgage brokers offering "liar loans", etc), there would have been a HUGE outcry about how credit cards were being denied to poor people and how there should be a law preventing credit card/loan people from discriminating against poor people and so on. How everyone deserves to have a credit card and if they want to take a loan out at a high rate, who are the government to stop these people, etc.
The bottom line is that higher-risk people will always attract higher interest rates. But I think a LOT more regulation can be introduced to make credit card business practices more transparent and less prone to abuse.
Back to store cards. I used to get a lot of son's school clothes from BHS. One time, I was asked by a sales assistant that looked about 15 would I like to take out a store card?
My answer was a short and not so sweet, "of course not". She was daft enough to ask why. The answer came "Because of the extortionate interest rate you charge." It was on the poster behind her head - something like 29%.
The companies that charge rates even higher - as have been mentioned - should be run out of the industry.
provident personal credit charge in the region of 190% APR, through Argos it's 220%. If people want to send them a message then simply don't use Argos or Homebase(Home retail group companies).
These companies prey on the vulnerable and unfortunately they work within the financial services act. We get the companies we deserve since the wonderful deregulation of the late 1970s.
