May 25, 2008
Personal loan with an APR of over 2000%
Finance company, ‘Pounds Till Payday’ which is based in Malta, is attempting to cash-in on the current credit crisis by offering UK residents an easy loan service via the internet. However, the Annual Percentage Rate (APR) works out at a whopping 2,255%.
The online credit business, offers to lend customers up to £1,000 over a 31 day period but anyone who takes out the loan can expect to pay an interest rate that will run into hundreds of pounds.
To qualify for the loan applicants must be over 18 years of age ,be a UK resident with a bank account and have a monthly wage of at least £335.00.
Credit watchdogs and charities are concerned with the exorbitant costs attached to this type of loan and have warned consumers to seek advice and fully exhaust every alternative before considering entering into this kind of financial commitment.
Pounds Till Payday is owned by Northway Broker Ltd which has established similar lending services in Europe and various areas of North America.