Please note the above table is for illustrative purposes only
Representative Example: Borrow £300 for 65 days with one repayment of £78.00 and one repayment of £378.00. Interest: £156.00. Interest rate: 292% pa (fixed). 1294.1% APR Representative..
Are there any charges?
Good news – there are no charges! The payday loans we offer carry fixed interest over a small space of time, usually one month*
- Apply totally online
- Encrypted application for your safety
- No hidden surprises!
Online application
Many of our previous customers are already eligible for a short term loan, having previously borrowed through us; this guarantee is extended by payday lenders because you have previously utilised their services.
Does this mean that I am guaranteed of being accepted for a payday loan? No-one is guaranteed acceptance, however, because you have honoured a previous loan and repaid it as agreed, lenders will be much more willing to approve you for a loan.
Talk of quality and assurances of service are little consolidation if the service isn’t also up to the level that is required, this is why we regularly ask clients to give us their input, please feel free to contact us at any time.
Right to change your mind regarding your loan
If at any point during the lending process – that’s anytime before your cash loan is sent, if you have any questions or concerns you can simply contact customer service who will guide you through the process and any questions you might have. These details will be found on emails that will be sent to you after your application has been successful.
Non-payment implications
If after receiving your loan your circumstances change and you find yourself unable to make your repayment, please get in touch as soon as possible. Payday lenders will always want to resolve any issues you might have and will go through your options. The implications of non-payment include adverse details being added to your credit report. This could have a negative impact on your chances of securing credit or finance in the future.
Why is the APR so high
Representative Example: Borrow £300 for 65 days with one repayment of £78.00 and one repayment of £378.00. Interest: £156.00. Interest rate: 292% pa (fixed). 1294.1% APR Representative. This 1294.1% percentage is a representation of the amount of interest you would be expected to repay if you were to borrow the money for a year. The problem with this is that these loans are not intended for a year but rather usually not more than 3-months. Yes the interest rate is higher than financial products repaid over longer, but you will never face those fees as you will repay the loan after a few months, not one year**.
This skewing of the numbers is the main problem that detractors of payday loans complain about. To summarise the situation in another way, if the APR was an actual representation of reality then a borrower would repay £XX every month for a whole year on a loan of £300. So of course this percentage will be ridiculously high as it isn’t real but a multiplication of the actual interest paid by the sum of 12-months.
*Check with your lender for exact fees **We are an authrosied credit broker and not a lender.