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Post by supernumerary on Apr 8, 2020 13:53:35 GMT
Thursday 9th April 2020 - Loan Launch Details:
• Loan Use: Expansion Finance • Loan Amount: £ 250,000. • Term: 36 months (24 months minimum term). • Rate: 13% - Amortising. • Security: Company Debenture, Corporate Guarantees, Assignment by Way of Security over receivables. • Instant Returns: Enabled. • Loan Launch: 11am – 9th April 2020 (READ ONLY). • Loan Live: 2pm – 9th April 2020.
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blender
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Post by blender on Apr 8, 2020 14:03:38 GMT
And no bid limits.
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iRobot
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Post by iRobot on Apr 8, 2020 14:06:50 GMT
Interesting. ABL normally lead with the Borrower Sector, but it's absent on this one.
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blender
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Post by blender on Apr 8, 2020 15:57:06 GMT
I think it is a virtual-reality pub experience, supplied with a home-brew kit.
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Post by ladywhitenap on Apr 8, 2020 18:36:29 GMT
PPE manufacturer looking to expand? LW
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Apr 9, 2020 9:02:02 GMT
I think it is a virtual-reality pub experience, supplied with a home-brew kit. Thought they'd already done that
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Post by ablrate on Apr 9, 2020 9:45:02 GMT
I think it is a virtual-reality pub experience, supplied with a home-brew kit. lol... busted
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Nomad
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Post by Nomad on Apr 9, 2020 10:11:16 GMT
The borrower has several loans from Money & Co.
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Post by ladywhitenap on Apr 9, 2020 10:22:48 GMT
They are a weekly rental domestic appliance type company I hope they are not another Brighthouse who got a bit of a bad reputation for exploiting customers before they folded.
On a sample of one appliance, their rental rate for a washing machine compare to high street cash purchase price showed a payback rate of 42weeks so the appliance is still in warranty well after it is paid for. Low risk for the company but given the typical ownership costs over the lifetime of a washing machine the rentals seem a fairly exploitative rate.
I think I might have a bit of a moral issue with this one
just my2p
LW
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tony9239
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Post by tony9239 on Apr 9, 2020 10:32:34 GMT
The borrower has several loans from Money & Co. Yes, his Co House career is rather less than exemplary...
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r00lish67
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Post by r00lish67 on Apr 9, 2020 10:38:43 GMT
They are a weekly rental domestic appliance type company I hope they are not another Brighthouse who got a bit of a bad reputation for exploiting customers before they folded. On a sample of one appliance, their rental rate for a washing machine compare to high street cash purchase price showed a payback rate of 42weeks so the appliance is still in warranty well after it is paid for. Low risk for the company but given the typical ownership costs over the lifetime of a washing machine the rentals seem a fairly exploitative rate. I think I might have a bit of a moral issue with this one just my2p LW I was looking at this fridge . You can rent it over 3 years for £36.18 a month, so paying £1302.48. Or you could buy it for £350 free delivery elsewhere. Of course, if you can't afford to buy a new fridge outright, it would make far more sense to just use freecycle or gumtree and pick up something for near nothing. Yes, this loan makes me a little queasy.
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Balder
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Post by Balder on Apr 9, 2020 10:41:54 GMT
They are a weekly rental domestic appliance type company I hope they are not another Brighthouse who got a bit of a bad reputation for exploiting customers before they folded. On a sample of one appliance, their rental rate for a washing machine compare to high street cash purchase price showed a payback rate of 42weeks so the appliance is still in warranty well after it is paid for. Low risk for the company but given the typical ownership costs over the lifetime of a washing machine the rentals seem a fairly exploitative rate. I think I might have a bit of a moral issue with this one just my2p LW I am with you on this one. I also don't like the end of rental period - return at your expense - carry on renting at a new rate (not quoted) or phone us for a purchase price again price is not quoted. For me it doesn't look "open and honest" to the consumer.
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Post by westcountry on Apr 9, 2020 10:51:03 GMT
They are a weekly rental domestic appliance type company I hope they are not another Brighthouse who got a bit of a bad reputation for exploiting customers before they folded. On a sample of one appliance, their rental rate for a washing machine compare to high street cash purchase price showed a payback rate of 42weeks so the appliance is still in warranty well after it is paid for. Low risk for the company but given the typical ownership costs over the lifetime of a washing machine the rentals seem a fairly exploitative rate. I think I might have a bit of a moral issue with this one just my2p LW I was looking at this fridge . You can rent it over 3 years for £36.18 a month, so paying £1302.48. Or you could buy it for £350 free delivery elsewhere. Of course, if you can't afford to buy a new fridge outright, it would make far more sense to just use freecycle or gumtree and pick up something for near nothing. Yes, this loan makes me a little queasy. You're not alone, this loan makes me queasy too :-( Even if it didn't (and I was intending to increase my investments, which I'm not currently), with the economy forecast to fall into recession from the current Covid-19 shutdown, quite a few of the borrower's borrowers are likely to lose their jobs, and so be unable to keep up with the repayments. So I don't have confidence in the loan security, (and wouldn't invest), even apart from the moral aspect of their usurious interest rates.
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Post by Badly Drawn Stickman on Apr 9, 2020 11:08:36 GMT
I had made a deal with myself not to comment on this loan, irrespective of what it was for. Having no intention of investing regardless.
So as a compromise I will just say it is heartwarming to see people feeling the same level of distaste that I have for this sort of enterprise. Thank God we have not all sunk low enough to want to make money from the less fortunate in society.
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agent69
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Post by agent69 on Apr 9, 2020 11:11:49 GMT
They are a weekly rental domestic appliance type company I hope they are not another Brighthouse who got a bit of a bad reputation for exploiting customers before they folded. On a sample of one appliance, their rental rate for a washing machine compare to high street cash purchase price showed a payback rate of 42weeks so the appliance is still in warranty well after it is paid for. Low risk for the company but given the typical ownership costs over the lifetime of a washing machine the rentals seem a fairly exploitative rate. I think I might have a bit of a moral issue with this one just my2p LW I was looking at this fridge . You can rent it over 3 years for £36.18 a month, so paying £1302.48. Or you could buy it for £350 free delivery elsewhere. Of course, if you can't afford to buy a new fridge outright, it would make far more sense to just use freecycle or gumtree and pick up something for near nothing. Yes, this loan makes me a little queasy. And for another £180 they will insure it against breakdown or damage.
I thought the government had taken action against this type of operation and the total cost was now limited to twice the purchase price
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