I saw a banner for emergency loans: and had a wtf moment I just had to share.
The banner advertised loans between 50 and 300 euros, with the little letters saying that the total costs for borrowing €300 for 28 days were €518
That's a 70% interest rate in one month!! Nice!!
I looked up the website and did found that although you could borrow money on the front page, you didnt exactly see what the costs were. There was a seperate site for that (
http://www.sh.spoedgeld.com/tarieven.aspx - scroll down). It seems that 70% for 28 days is still cheap! When you borrow €50 for 28 days, you will have to pay back €113, so nearly 125% interest!!!
Now I understand why people that are poor and not blessed with a decent intelligence can slide off in such deep financial problems. Jesus...