SpringCoin loan 79% Apr!!!

[kris120383]

Hi Everyone,

I was struggling and needed a quick loan credits not fantastic but not bad (no ccjs late payment) Anyway ended up taking a 1200quid loan from SpringCoin didnt bother looking at rates etc at the time was only interested in how much the monthly payment was and could I pay it. I know that was stupid!!

So now I have noticed my Apr is 79% which is shocking, I know I have my self to blame for not checking this out before agreeing.

Is there anyway I can have this rate reduced to a Fair rate. Can I claim unfair terms or something.

I would really appreciate any and as much help as possible on thia matter.

I have attached the loan documents for anyone to have a look.

[Amethyst]

Re: SpringCoin loan 79% Apr!!!

All adds up and nothing hidden in the total cost of credit. I think t would be wise to take a cheaper loan and pay this off, or just suck it up and lesson learnt. High cost short term credit. Having kept up payments and paying this off successfully will help your credit rating In the future.


Couple bits from the documents....

AvantCredit of UK, LLC trading as SpringCoin
You have requested a loan for £1200.00 for which interest charges total £892.56 if you repay on time. You will repay a total of £2092.56 comprising the amount you borrowed and the credit charges on the repayment by 23 instalments of £87.19 and a final repayment instalment of £87.19. Payments will be taken on the same date each month which will be agreed between us.



And from the credit agreement

The Total Amount Payable = £2092.56. This is the sum of the Total Amount of Credit of £1200.00 and the Total Charge For Credit of £892.56 under this Loan Agreement. APR: 79.61%. The APR is calculated on the assumption that you borrow the Amount of Credit shown above and repay over the term and that the interest rate shown is fixed.