Loan on value of car

[denis567]

Have you seen the TV advert which enables you to take out a loan on the value of your car?
Have you seen how much their APR is? its almost 800%.
I would have to be excedingly desperate to take out one of these loans!!

[sherrardk]

You should look at some of the others, those pay day ones, the interest rate is in the the 000's!

[sherrardk]

This is the first one I found when I googled it - http://www.mypayday.co.uk/

[ummmm]

Yes...but are payday loans, and such like, secured loans?

[old-wos-is-name]

cash converters do the log book loans, I thought they would be reasonable, I often pop into the shop and look at any secondhand guitars they have taken in, and was totally shocked to see the APR for loans was in the many hundreds. I suppose it is a risk, and if someone defaults, they ( cash converters) will probably have to go to court to get posession of the vehicle as I doubt if possesion of the log book would prove ownership. Difficult to see if they are right to charge that sort of APR or not. cars have problems, and they could be paying out on a heap of junk.

[SpikeyBush]

The APR may be in the thousands but better than an unlicensed loanshark, as long as you can afford to repay what you borrow. They may still be b*stards but I remember being desperate many years ago before getting my life back on track and relying on these unlicensed c@nts that get you trapped