On 27/04/2018 09:25, dennis@home wrote:
On 26/04/2018 20:20, Fredxx wrote:
On 26/04/2018 15:29, dennis@home wrote:
On 26/04/2018 09:55, Fredxx wrote:
On 25/04/2018 23:22, TimW wrote:
On 25/04/18 14:41, dennis@home wrote:
On 25/04/2018 11:15, TimW wrote:
On 25/04/18 07:40, Brian Gaff wrote:
[...]Its been my experience that high street banks are the
last place to look except for payday loan sharks of course.
Brian


Although I understand the payday loan sharks are used by the
canny poor because they know that if they get to the end of the
month and incur penalty charges on phone, loan, cards etc they
will be fleeced. Better to pay the outrageous fees to a payday
loan shark than to let the high street banks get at you.

It's a sobering thought but wonga exists because the likes of
Barclays and Lloyds are even worse.

TW

They exist because the likes of Barclays and Lloyds won't lend
people money that they can't afford to pay back
Lenders like wonga will lend money to almost anyone and send the
heavy mob around if they don't pay.
They are not in the same leagues.

Actually if you are getting into trouble Barclays and Lloyds will
start to increase your costs and rob you as fast as they can,
knowing you can't afford to pay it back.

I've often thought this too.

Loan companies have to provide an APR which includes any fees to
setup the loan.

I have never understood why banks seem to be immune to including
these fees in any APR calculation.

Same for mortgages too.


They all have to provide the figures, maybe you haven't looked/noticed?

I have never seen APR to include the amounts of fees and other
payments for an bank overdraft or mortgage.

Yes I have looked, clearly you haven't.

The likes of Wonga have to include their fees in the APR calculation.
I suspect you haven't noticed that either?


You are of course wrong as the banks and building societies do have to
include the fees.

They do, yes. But the likes of Wonga have to include these fees in their
APR calculation as well. Banks don't. If they did, they would make Wonga
APR rates for small loans look low in comparison to their overdraft APRs.