You should choose Cash 4 Loans – and here is the reason
A loan might be the answer to your problem – but before applying you must consider the overall cost. Anyone who takes out a loan for any reason needs to understand exactly how much the total cost will be and whether they are able to meet the repayments. Take this test:
Estimated disposable income at the end of the month minus the cost of the loan
If you have cash left over maybe a loan is the right choice for you.
We strive to make sure we excel in everything we do. We have great experience of working within the UK financial market and you can be assured we will do whatever it takes to find you the best deal. We are completely transparent about how the process works and whether a short-term loan is the best answer for you.
If you are accepted for a loan you could borrow between £80 and £750. You must take time to consider carefully all loan applications. Please be sure you will be able to repay the loan when the agreement ends.
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You pay back: £352.80
Total loan cost: £72.80*
Annual Percentage Rate is required to be used by any UK firm working within the finance industry. It is more commonly known as APR and this calculated figure is used to help consumers compare how much they will be required to pay back on loans and finance agreements. But the figure is complicated when applied to payday loans because it does not take into account non-interest related fees or charges and does not recognise the much shorter time period of the loan.
If you compare the APR of a payday loan and that of an unsecured personal loan then the figures are very different. Simply put, this is because the personal loan is repaid over 5 years. But if we break the payments down we will see that there would be an extra £4,981.92 on top of a £15,000 loan. This equates to 33.2% of the original loan.
Let us now compare the payday loan with the 24% charged during a 30-day period against the personal loan - The total cost per £1 borrowed is actually LOWER with the short-term loan.
Comparing Payday Loans and Personal Unsecured Loans
Example of a payday loan:
If you borrowed £200 over a 30-day timescale
You would pay back a total of £248
Therefore the interest would be £48
And the APR is 1269.7%
For every £1.00 borrowed, £1.24 would be paid back
Example of a payday loan:
If you borrowed £15,000 over a 60-month timescale
You would pay back a total of £19,981.92
Therefore the interest would be £4,981.92
And the APR is 15.9%
For every £1.00 borrowed, £1.33 would be paid back