|
|
|
|
|
|
by timwis
2560 days ago
|
|
|
Very intrigued. The things that threw me off were: 1. It would be great if you could give an example of what the fees look like. For instance, borrowing £100 for 30 days costs £5 or something. Sounds like I have to sign up and load money into the app to get a sense of how expensive it would be. 2. The nicknames for common banking terms may cause more confusion than they're worth :/ I had to make a mental map between "pocket" = account, "bit" = loan, "superpowers" = also loan? before I could understand what I was reading. Good luck! |
|
|
https://news.ycombinator.com/item?id=18075506
If the above is still correct, interest is charged at 1% per month, based on the credit limit, not the outstanding amount. So the APR might be something between 12.7% (if you borrow the maximum) and ~infinity (if you have a non-negligible limit, but borrow only 0.01 GBP).