Apr 2689%

[sherrardk]

Just seen an advert for Wonga (a payday loan comapny) and their APR is 2689% - anyone want to start a payday loan company with me?

[dothawkes31]

I thought there was only 100%, how can you have 2689%, what's it a percentage of?

[society]

must have been .2689%

[sherrardk]

Not sure how it works - here's a link to their site http://www.wonga.com/...reZlqECFVMB4wodpHqDNg

Must be raking it in as the ad was on the telly.

[dothawkes31]

ahhh that makes more sense, try saying you are 110% sure of something in the news topic and see how many news abers appear to tell you the error of your mathamatical hyperbole.

[Buenchico]

Dot's got a strange understanding of mathematics if she thinks that you can't have more than 100%. (Example: A pint of beer used to cost £1. By the time it reached £2 per pint the price had risen by 100%. It's now £3 per pint, so that's an increase of 200% on the original price).

Society is extremely optimistic if she's hoping to get a loan with an APR of 0.2689%!!! If it had been a credit card, 26.89% might have been about right.

2689% is the correct figure for Wonga's loan rate, although it varies depending upon the length of the loan. (For very short term loans it can be above 3000%). Wonga are actually to be praised for providing a service which is useful to many people, while never hiding their charges. (They even describe their APR as 'huge'):
http://www.wonga.com/...is-this-apr-expensive