Alternatives to Payday Loans Cash Advances has arrived at last! With Payday Loans in the past, you could borrow up to 1,000, but then you had to pay it back on your next pay day.
Some pay day lenders allowed you to roll over the loan for another month if you were unable to completely repay the loan on your first pay day.
The big problem with the payday roll over effect was the fact that your were charged extra fees for the privilege, plus you had to pay very high interest on top of interest (compound interest) which mean’t that costs could spiral out of control very easily and very quickly.
Representative 277.5% APR - 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.
Now enter the alternatives to Payday Loan Cash Advances stage left.
The Alternatives to Payday Loans Cash Advances loan differences?
Since the Financial Conduct Authority got their teeth into the payday loans industry, there have been big and welcome changes.
Now there are lower interest rates and a cap on fees charged by direct lenders.
You can still borrow the same loan amounts as pay day loans here, but you have the Financial Conduct Authority’s protection for the loan conditions.
Check out the Alternatives to Payday Loans Cash Advances and apply with confidence here
You can borrow up to 2,000 like the pay day loans or you can decide to apply to borrow much more on this website if you need it. Unsecured personal loans applications can go up to 25,000 if you wish.
You can decide how long you want to repay the loan back over and the monthly repayments should be affordable, taking into account all of your existing outgoings and expenses.
You must make sure you can afford the repayments of your new loan. This is very important.