I received some unsolicited mail in the post from Vanquis Bank, offering me a credit card, as we both know this is nothing new bank's send this type of thing out all the time, but what made this so different was that their typical interest rate (in their own words) was 39.9%APR tier (C ) and if that wasn't bad enough there was another tier (D) at 49.9% APR you can verify the rate of 39.9 APR by visiting there website, www.vanquis.co.uk but it doesn't mention the 49.9% interest rate, I wonder why!! but it is quoted in the letter that they sent me, which I still have! I could forward you a copy of the letter if you required it.

My bank has told me that both these interest rate's are legal but I think that these rates are immoral and should be made illegal. I know that you and I wouldn't even dream of being so stupid as to take a card at such rates but the truth is that there are many thousands of desperate people who will, and all it will do is line some banks pockets, defer the inevitable and course even more misery and suffering until the debtor is eventually strangled by the debt, and with credit card debt running at one billion pounds that's an awful lot of suffering. I couldn't help but think that there would be a loot of public interest and support for a law which states, for example, (that interest rates could not exceed four or five times the bank of England base rate).

Don't you think that this is something that you and all political party's should and could get behind on behalf of the general public and something worth putting into law before Vanquis can help another 100,000 people. If you do contact your local MP and AM

The paragraph below was taken from the Vanquis website on the 17/8/2006,
"Vanquis specializes in understanding individual's circumstances, which means we might be able to help - in fact we've already helped over 100,000 people in similar situations. We'll also consider you if you have a poor credit history, or have had credit problems or CCJs in the past, so why not"

.
Yours sincerely,
Gary Moore.

I'M sorry to say that you can find this offer from Provident on the internet . I hope I'm making my point I will carry on until something is done about this and I hope you will too so please get in touch with your MP and help get the law changed to stop this kind of interest rate.

Best wishes,
Gary Moore.

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But consider that these loans are weighed by the risk the company takes on to give loans to people who otherwise would not receive them, and that they're meant for SHORT term, SMALL cash loans.

Im seriously playing devil's advocate here, and do not advise anyone to get a loan at such a high rate. But I do consider the mother of three who cant afford to feed her children with one two weeks left till she gets paid, and just needs a little help till then...

Used responsibly there is definitely a place for high interest/risk loans.