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July 01, 2013

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Hugh Counsell

The growth of loan sharks such as Wonga is a sad reflection on the banks refusing to provide overdraft facilities. The public continue to suffer because of the greed and incompetence of the banks.

Tom Male

http://www.bbc.co.uk/news/business-23078746

This seems strangely similar...

Chris Skinner

Did you actually read this blog entry Tom. Upfront it says that I've taken Robert Pestons write up and edited it.

John

For example, if I said to you “lend me £20”, and you said “OK, but if I do that then will you buy me a pint next week when you pay me back?”, does that sound reasonable?

Of course it does but, if the pint costs £3 then you paid me 147,000% APR on that loan.


You need a new calculator, not even close to 147,000%

Chris Skinner

Amended accordingly (amazed it took so long for someone to spot)

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