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Meet Easy Finance Club - the payday lender with an APR of 68,300%
If you thought the interest rates charged by Wonga were astronomical, those being charged by a new payday lender are in a different solar system. Easy Finance Club is charging £65 on loans of £100 taken out over 28 days, which was calculated today at the equivalent of a whopping 68,300 per cent APR.
This is despite Easy Finance's website claiming it has a typical Representative APR of 3,300 per cent. It is not the only discrepancy that can be found on the website. Easy Finance's 'APR Explained' page stating that a £100 loan taken out over 14 days would result in a £124 repayment, yet the calculator on the front page says the total would come to £135. The APR level at the biggest and best-known payday lender, Wonga, pales in comparison at 4,217 per cent. A £100 loan taken out over 28 days with Wonga would rack up an extra charge of £34.64 in interest and fees......Read more here
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A company registration number that comes up as... Wonga.com
The most startling discrepancy is that the lender's registered number, printed on the front page of the Easy Finance Club, is actually the number belonging to Wonga. The registered number on the website, 6374235, throws up Wonga.com when it is searched on the Companies House website. When I emailed WLP about this on Thursday, a man named Peter MacLaurin - listed on LinkedIn as the group marketing director of WLP - replied by saying: 'I have reviewed all our sites and I can only see our parent companies [sic] numbers.' This was odd, I thought, considering I had checked the site earlier in the day. But lo and behold, the number had miraculously changed to that of Web Loans Processing - 07275227.
But I had taken a screen-grab of the website on Wednesday which displayed the number corresponding to Wonga, which can be seen below. What followed was an increasingly farcical set of exchanges which involved Mr MacLaurin attempting to initially blame the discrepancy on the computer I was using, before eventually claiming I had fabricated the whole thing......Read more here