Cash Loans

I keep getting junk mail through my door about cash loans, ccj no problems, unemployed welcome etc.  The comedy thing about this is they advertise a loan of £300 over 55 weeks with repayments of £9 a week totaling £495 with a typical APR of 177%!  I mean 177% at first I thought this was a typo and they forgot to put the decimal point in.

After doing some research this is indeed NOT a typo. Provident Personal Credit were the culprits this time.  They have a loan calculator on their site I deiced that I wanted £50, minimum loan term was 31 weeks, right.  APR was 365.1% Have a play with it see what the most APR you can get!

I think anyone who takes a loan of this sort of money with such high APR must be crazy, I do understand that there must be people out there that do have problems with their finances but I am also sure that if the saved £9 a week for a year instead taking a loan they would be ok.