|
Borrow from £80 to £750 - No Hassle No Fuss Instant Cash In Your Bank Account Today! |
|
Our Charges We Charge £25 for every £100 borrowed |
|
Comparison with Personal Loan Charges The fixed labour and capital costs incurred with funding and underwriting each small payday loan, are the same as funding and underwriting a larger personal loan. With a larger loan amount in a conventional personal loan, the lender can cover costs and earn a profit, by charging a smaller annual percentage rate, over a longer period of time. Short-term payday loans, on the other hand, cost just as much to supply as personal loans, and are unable to charge the same low interest rates, if they expect to cover costs. They must, therefore charge higher rates of interest, over shorter periods in order to be make money. Because of this, and the risk associated with them, small-balance short-term payday loans, must charge a higher effective annual interest rate than personal loans. Otherwise lenders would not want to offer them. |