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Let me make it clear about SAfetynet credit, much less safe as you thought?

Let me make it clear about SAfetynet credit, much less safe as you thought?

Financial obligation Hacker established in October 2018 so we thought we would succeeded in killing down a wide range of toxic cost that is high such as for example Wonga and fast Quid, we helped the general public make over 22,000 complaints addressing ВЈ10 million of loans.

SafetyNet loan of over 900% APR

SafetyNet claims a “Representative 68.7% APR” yet its interest that is annual is%.

An APR must always be greater than the yearly interest as the APR is a compounded price including item charges.

To create a product in which the Representative 68.7% APR is leaner as compared to yearly rate of interest of 292%, is a feat of economic engineering. Yet the total outcome stays ridiculous!