A TV ad for a payday loans company featured a voice-over which stated, "Even with the best training, keeping an eye on our money can be a bit of a tease, and if you're looking at your finances, The Money Shop can point you in the right direction.
" On-screen text then switched from "All loans are subject to credit and affordability checks so not all customers may be eligible for a £1000 limit. Maximum £500 for new online customers. Customers must be 18. TCs apply" to "2961. 4 APR (variable) representative" and the voice-over continued, "Loans up to £1,000 available online or from your local store, and applying for one is a walk in the park.
So if you're experiencing one of life's little ups and downs, apply online through [website address]. " A yellow circle with the text "£5 Cashback for every £100 borrowed" then appeared on screen, accompanied by the voice-over statement, "And when you pay back in full on your original due best banks to apply for personal loan, we'll give you £5 cashback for every £100 you borrow.
" 1. Two complainants challenged whether the ad was irresponsible, because it presented a payday loan as a way of addressing financial concerns; and.
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APR stands for A nnual P ercentage R ate. The annual percentage rate on a loan is the amount the lender would charge if you borrowed the money for a year, as a percentage of the original loan. For instance at 40 APR, to borrow for a year you'd be charged 40 of the original loan, on top of paying it back. So if you borrowed ВЈ100 at 40 APR for a year, you'd have to pay back the loan plus ВЈ40. The APR is sometimes referred to as the 'interest rate'.
However it also includes any other charges and administration fees, except where they are avoidable, such as late repayment fees. Why an annual rate. I'm only borrowing for a month or two.