"Short term loans online from £1 with no fax required. Instant approval, 24 hour self-service account access and 15 minute cash payout guaranteed. quick loans"
Written in the small print was the APR rate. Yes, a whopping 2689% plus!
This level of repayment is damn right ludicrous and the term 'Loan Shark' doesn't come close. God help those stupid enough to take out loans with these people.
Do be aware that this area is a prime source for phishers due to the information you will need to divulge in order to be a considered for a loan. Not only can you be faced with extortionalte APR rates from sharks but you can just as easily be a victim to a phish where they use your information for ID Fraud.
What effects can Payday and other shark loans have on you and your finances? Read this blog article and see for yourself: http://www.goodfinancialcents.com/avoid-payday-cash-loans-scam-ripoff/
New thread started by another user in retailiation to this thread. (cross linked both) http://www.mywot.com/en/forum/7875-some-of-the-better-payday-loan-companies
If you think Wonga are bad, look at Easy Finance Club - the payday lender with an APR of 68,300%