Record-breaking Icelanders: a credit product proposed by their Czech affiliate shows a 22711% EAR
22. listopadu 2012, 23:02
Prague-based Kredia, claiming to be an affiliate of an Icelandic company bearing the same name, does business in the field of small SMS loans. Its project is peculiar in more than one respect. For example, the effective annual percentage rate (EAR) of Kredia’s 15-day loan amounts to 22711%. If this seems a bit too steep to you, you can get a better rate for 22 days: the EAR is 5175% there, and “only” 3113% for a 30-day loan.
Translated by Lingvus