This is an add on facebook credit crunch what credit crunch

[Shane Drew]

quote Ian Pople:

Providing you own your own vehicle that is clear of finance, Logbook Loans can provide you with a simple fast loan. APR 437.4%.

This was posted a few weeks back.

Nothing short of criminal.

I was at a pawn brokers the other day quoting on some signs. The manager was working out his interest rate returns on some musical instruments he was holding over a young guy who needed some quick money to pay his car rego or something. It worked out at 360% for the 7 days he took to pay the loan back.

I thought they jailed criminals. Still, if someone is prepared to pay it, and are desperate enough, I guess it is not a crime.

That said, our government has just announced new laws to stop that sort of thing. They’ll probably replace it with a new tax… er… penalty for the loan sharks 🙄