We are extremely competitive with our rates, however our rates do need to reflect the increased risk that our customers bring compared to the more mainstream employed type of applicant.
We offer both single repayment types of loans, which are usually over no more than 6 months. Then the more common instalment type of loans – typically over 12 months or longer.
We are not regulated by the FCA and therefore the price cap on short term loans does not apply to us. This gives us the freedom to lend to who we want to, we are always very clear with the repayment costs, charges and interest rates.
We do not have any application / upfront charges on any of our loans. We do not believe in it and actively warn against anyone paying fees as we have never seen it ever end in a loan being granted – don’t do it!
The rates we charge will be dependent on the status of the person applying, the lower the credit danger to us – the cheaper the rates offered.
The typical rates for our loans of less than 12 months is 35% APR – loans up to £1500
The typical rates for those loans lasting over 12 months is 24.7% APR – loans up to £5,000
The exact rate offered will be presented after the application has been submitted; this is because rates are tailored to the individual. When the rates are presented, the applicant can choose to accept or decline the offer. They are under no obligation to accept any loan.
Our aim always to try and get loans as cheap as possible, we want applicants to choose us and “cost” is a significant factor in the way people choose which option is best for them.
There is also another reason for wanting to keep rates as low as possible. The lower the rate, the more chance a customer has of paying us back.