Re:Show HN: Killing credit cards – meet Bits, a privacy firs...
by rahimnathwani on Friday June 14, 2019 @07:08PM
(#20187399)
"It's no different to any other secured loan"
It appears to be an unsecured loan. A secured loan is one where the lender takes a lien on (or physical possession of) collateral that can be repossessed or liquidated if the borrower fails to pay back.
"presenting the actual £ amounts rather than % AERs, which is probably clearer for the vast majority of people."
The consumer credit regulators don't agree with you[0]. In the UK, any promotion/solicitation for consumer credit that includes a cost of credit (e.g. the amount of a fee) must also show the APR. The intent of these regulations is to allow offers from different lenders to be compared on a standard measure.
It appears to be an unsecured loan. A secured loan is one where the lender takes a lien on (or physical possession of) collateral that can be repossessed or liquidated if the borrower fails to pay back.
"presenting the actual £ amounts rather than % AERs, which is probably clearer for the vast majority of people."
The consumer credit regulators don't agree with you[0]. In the UK, any promotion/solicitation for consumer credit that includes a cost of credit (e.g. the amount of a fee) must also show the APR. The intent of these regulations is to allow offers from different lenders to be compared on a standard measure.
[0] https://www.handbook.fca.org.uk/handbook/CONC/3/5.html