What Is A Loan Going To Cost?
If you are interested in acquiring a loan, we strongly recommend that you take a look at the overall cost of the loan prior to finalising an agreement. We urge all of our consumers to borrow only what they have the ability to pay back. An easy to follow method to see if a loan is appropriate for you, is to estimate your disposable income. Then, subtract the total amount of the loan (plus interest). If you still have enough money left over, then it is possible that the loan may be a good fit
You may borrow between £100 and £3500. Please think carefully before you apply for any amount to make sure that you will be in a position to repay it when your loan agreement comes to an end.
Note: This table is intended as a guide to repayment amounts only. Calculation based on interest rate: 140% pa (fixed). 277.5 APR representative.
Why Does The APR Seem So High?The whole finance industry in the UK is required, by law to represent interest rates using a calculated Annual Percentage Rate – which you might recognise as ‘APR’. This makes the comparison of loans easier to understand for consumers. However, APRs are designed specifically for loans taken over a 12 month period or more and tend not take into consideration non-interest related fees and charges. This makes the calculation very difficult to compare on a like-for-like basis for loans over short periods of time.
Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative. Rates from 45.3% APR to 1575% APR –