graduate_owner
Established Member
I just saw a TV ad for Sunny loans. I don't need a loan (and if I did I would go to the bank) but thought I would see what APR they charge. Answer - 1299%.
K
K
Interest on Sunny loans
- Thread starter graduate_owner
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On short term loans, APR can be misguided.
i dont have the knowledge to check the maths, but i have heard this quoted...
Over a short term APRs are often irrelevant, after all if you borrowed £20 and paid someone back and bought them a pint (£3) the next week, that sounds pretty reasonable. Yet if you were to take it as a loan, and compound it, it’d signify a 143,000% APR – far more than Wonga’s APR.
(i went online to find an example, and it was on here http://blog.moneysavingexpert.com/2011/ ... r-7-years/)
i dont have the knowledge to check the maths, but i have heard this quoted...
Over a short term APRs are often irrelevant, after all if you borrowed £20 and paid someone back and bought them a pint (£3) the next week, that sounds pretty reasonable. Yet if you were to take it as a loan, and compound it, it’d signify a 143,000% APR – far more than Wonga’s APR.
(i went online to find an example, and it was on here http://blog.moneysavingexpert.com/2011/ ... r-7-years/)
