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Author Topic: How to rip off people in 28 days  (Read 4262 times)

Offline Warcold

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How to rip off people in 28 days
« on: September 27, 2010, 06:38:29 AM »
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...  :-[
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Offline Mangala

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Re: How to rip off people in 28 days
« Reply #1 on: September 27, 2010, 07:15:44 AM »
Aye, its a disgusting way to do it, and barely legislated by pretty much any major nation - although with the current economic climate im sure this will change.
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Offline Bethor

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Re: How to rip off people in 28 days
« Reply #2 on: September 27, 2010, 09:31:28 AM »
I wonder if i can set up a scheme like that. Seems very profitable.

Than again, i think i cant since i think i am still too empathic for that,.
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Offline Keggi

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Re: How to rip off people in 28 days
« Reply #3 on: September 27, 2010, 09:50:27 AM »
they advertise on the tv here in the uk as payday loans and they can charge something like 2000% interest.

it should be banned tbh as its poor people getting ripped off then if you cant pay, the heavy mob come round and harass you and take everything you have to pay the loan off
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Offline Caradir

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Re: How to rip off people in 28 days
« Reply #4 on: September 27, 2010, 11:29:36 AM »
aye so called "payday" loans should be banned as they really are a ripoff.

IMHO they prey on people and result in a circle of debt. eventually governments will have the balls to do something.

Ive also seen others like this that require your car as collateral on short term loans (huge in the US)
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Offline peo

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Re: How to rip off people in 28 days
« Reply #5 on: October 03, 2010, 08:39:10 AM »
Have then start playing eve??? (in respect to the title ;) )

But yes, the phone loans etc are a hoax. Sadly they prey on mainly people with poor liquidity like teens and poor people. Take loans to pay loans and so on.
Never ends well.
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