I was on Facebook earlier this evening and this is an extract from an ad that appeared on there. I was really shocked to see 'logbook loans' beind sold at the exorbitant rates below. Surely no-one would enter into one of these? The figures shown relate to a £1,500.00 loan over 78 weeks ......
Please note, you can make significant savings if you choose to settle your loan early:
Settling after 1 month : £1,845.27 (total payable)
¼ of the term (20 weeks) : £2,601.90 (total payable)
½ of the term (39 weeks) : £3,408.18 (total payable)
¾ of the term (59 weeks) : £4,060.00 (total payable)
Typical 437.4% APR
Logbook Loans Ltd
Bridge Studios, 34a Deodar Road, London, SW15 2NN