Why is it so hard for people to believe that loans can be made for 1% per day or even much higher ?

www.wonga.com

They say they 'only' charge 1% a day so 'only' 365% per year but the govt makes them display the APR (compounded interest); a whopping 4214% per year

Remember, this is an FSA regulated company, seal of approval by the UK government, not some dodgy loanshark around the corner

And believe it or not: they only lend money to people that have a certifiable income....but obviously can't get a loan from a bank or have acces to a credit card...

So now imagine what rate of interest you can charge when you lend to higher risk people without being regulated.....

Just saying....