"Reply to comment post regarding a 3500 loan at 51%apr"
A review of Welcome Finance by Anonymous helper - Monday 14th of May 2007
I really hate to be the one to tell you this but there is no way out unless you get another loan from a company with a lower APR rate and pay Welcome off that way, although do take into consideration once you've applied for a few loans your credit rating will have dropped and if you've not met all payments to Welcome that also will have affected your credit rating, therefore you may find that you are unable to get another loan or get one any better than Welcome leaving you stuck with what you have with Welcome.
Welcome specialise in the customers that are at the point of no other options or they think they have no other options, they are lead to believe that taking the loan from Welcome will improve their credit rating aswell as you receiving the loan they want, the real fact is, once you've taken a loan with Welcome you will find your debt is now bigger due to the APR and you are worse off than you was before you took the loan.
One thing I also found out with Welcome is they advise their staff and staff of the brokers that use Welcome not tell the customer of the APR unless they partically ask, instead they are advised more customers agree to a loan if they just told them the monthly payments with Welcome already knowing the customers income they would know most customers would just see how they can afford it in theory.
Most customers would not agree to a loan knowing its around 40-60%APR when you see 6.9% on the TV all the time you would surely know that there is something wrong with anything over 20% at the absolute max.
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