Holy crap, how is this legal?!

[innocent_lex]

Just saw an advert for a loanshark. An actual advert on the telly. Wasn't taking much notice, other than wondering where I put the remote so I could fast forward, and I happened to glance up to see... "APR 1737% representative". Yes, you read that right, almost two thousand percent interest. They talk about an emergency loan of £100 to get a

Comments

[readerjane]

Woah. Maybe a typo by whoever posted the ad, and poor proofreading?

I can imagine unscrupulous loan sharks charging that much interest. I can't imagine them advertising it publicly.

[captain_tiv]

I can believe it. We've got ads for reverse mortgages and money loans with high interest. There are all kinds of shysters out there taking advantage of people.

[aranhe]

It's legal. Eveyone's yelling about how dreadful Payday loans are right now. Same sort of interest. Preying on the desperate for such outrageous profit is despicable, but while there's a market...