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Payday Loans - Representative APR: 1734%

Representative Example: Borrow £50 for 30 days. The total charge for credit is £14.75. Interest is fixed at a rate of £14.75 per £50 loan. The Total Repayable is £64.75.

  • Key Facts

     

    PAYDAY LOANS EXPLAINED

     

    Payday loans are essentially a short term solution when your cash flow doesn't meet your immediate needs. Payday loans or cash advances are suitable for all kinds of people who need to finance something quickly, but they are not suitable for long term finance solutions. If unexpected expenses arise then short term loans are ideal. They are often approved and paid very quickly by simply filling in an online form with basic details. As these loans are generally provided on trust. As trust levels increases, more can be borrowed.

     

    CHARGES & DURATION OF LOAN

     

    The typical representative APR is 1734%. A representative example would be to borrow £50 for 30 days. The total charge for credit is £14.75. Interest is fixed at a rate of £14.75 per £50 loan. The Total Repayable is £64.75.

     

    RENEWAL POLICY

     

    Our lenders understand there can be times when you are unable to repay your loan in full when it is due. If you find yourself in this situation the lenders will normally consider giving you an extension of the loan. However, before they do they will need to assess whether offering an extension will adversely affect your financial situation. The loan will not be automatically renewed unless specifically stipulated by the lender. You will need to discuss this with your lender as soon as you are aware that you will not be able to repay the loan. If they agree to roll your loan over, you will typically only be required to repay the interest. The original amount borrowed will be 'rolled over' into a new loan which you will need to repay when you next get paid. Extensions, partial payment and early payoff requests must normally be received at least three working days before you are due to repay the loan.

     

    Rolling over payments

     

    It may be possible to 'roll over' payments. The interest on this will likely be the same as on missed payments, however it may help you avoid penalty charges. We always recommend repaying on time.

     

    Repeated loans

     

    If you find that you are repeatedly taking out payday loans (especially if you are constantly increasing the amounts), then you may be misusing them. Please consider independent advice and taking a serious look at your budget. There are companies who specialise in Payday Loan debt solutions but please contact us if you need help.

     

    CREDIT SCORE

     

    As a condition of extending credit, some lenders you may be matched with will run a credit check from a major credit reporting bureau. Please be aware that in some cases of non/late payment you may be reported to a credit rating agency which could negatively affect your credit score/rating. Our lenders understand there can be times when you are unable to repay your loan in full when it is due. If you find yourself in this situation the lenders will normally consider giving you an extension of the loan. However, before they do they will need to assess whether offering an extension will adversely affect your financial situation.

     

    LATE/NON PAYMENT

     

    Implications of Late Payment: Depending on the lender we match you with, should you fail to make the repayment within 24 hours of its due date you will be charged a set amount to be added to your account. Other charges may be applicable to this agreement depending on the lender but below are some of the scenarios we have seen in the past.

     

    1. The Lender writes to you, due to a failed repayment of your loan on the date specified above, at £10.00 per time.

    2. The Lender makes, or attempt to make, contact with you by telephone or text message regarding the failed repayment of your Loan, at £5 per time.

    3. The Lender may mail you regarding the failed repayment of your Loan, at £5 per time.

    4. The Lender may reserve the right to make a daily charge of £1 for any unsuccessful Debit Card attempts to take a payment that is overdue.

    5. You change address without notifying the lender accordingly, a tracing fee up to a maximum of £50 may be applied to cover their expenses.

     

    Implications of Non Payment: Should your account continuously remain non-paid then:

     

    1. The Lender may issue a Default Notice due to continued non-payment, at no extra cost.

    2. The Lender may apply for a County Court Judgment via Money Claim on Line as part of our collection process.

    3. In taking steps to enforce, or attempting to enforce, our rights under this Loan agreement, any other reasonable costs incurred by the Lender. Interest will be charged at the rate detailed in the terms and conditions both before and after any Court Judgment, from the date payment is due until the date that payment is made in full.

    4. The lender may request enforcement of any County Court Judgment, in the form of an Attachment of Earnings Order or Warrant of Executions, all court costs will be added to the total amount repayable.

     

    COLLECTION PRACTICES

     

    In November 2012, the Office of Fair Trading updated their Debt Collection guidelines. It is important that you know that companies cannot force you to repay more than you can comfortably afford each month and if you make a reduced payment, companies should not refuse it. For the full guidelines visit the Office of Fair Trading Website

     

  • Important Infomation

    At FindMyPayday, we aim to follow responsible lending practices:

     

    We will not encourage customers to take out a payday loan if we feel this is not the right product for them

     

    We will not target people who are in debt or in financial problems

    We will not encourage people to borrow more than they can afford to repay

    We will not charge our customers any fees at all, instead collecting our revenue from the lenders themselves.

    On top of that we also:

     

    Aim make a clear understanding of the service we provide

    We follow legal and ethical marketing practices

    If you feel we are not living up to these standards, please contact us and let us know.

     

    How to choose safely

     

    All lenders within our application process are identified via reputable sources however we cannot vouch for every potential lender we offer our customers. Before you make your decision to take a lenders offer, please ensure that their company, company registration, CCL license and physical address is clearly illustrated at the bottom of the site.

     

    Budgeting

     

    Take a serious look at your incomings and outgoings over the next month before applying for a payday loan. If you can’t afford one, it could end up being far more expensive then you first thought. Remember what you borrow this month will need to be paid back the next so make sure you do not enter a cycle of Payday Loans.

     

    Missed payments

     

    It’s entirely possible that you’ll be expected to pay an extra charge if you miss a payment. It’s almost certain that you’ll need to pay further interest on the amount you already owe. This is further interest on the entire loan amount owed to that point, not just the original amount you borrowed. We always recommend repaying on time.

     

    Rolling over payments

     

    It may be possible to ‘roll over’ payments. The interest on this will likely be the same as on missed payments, however it may help you avoid penalty charges. We always recommend repaying on time.

     

    Repeated loans

     

    If you find that you are repeatedly taking out payday loans (especially if you are constantly increasing the amounts), then you may be misusing them. Please consider independent advice and taking a serious look at your budget. There are companies who specialise in Payday Loan debt solutions but please contact us if you need help.

     

    Short term loans

     

    If you’re borrowing repeatedly to cover bills, you may have longer term debt problems than can be dealt with by using payday loans. Payday loans can be a great short-term solution, but they may not help with a long term debt problem. Try unsecured/secured loans if you are constantly taking out Payday Loans in order to pay your bills.

     

    Where to get advice

     

    You can get advice by going to the Citizens Advice Bureau, or the Government debt advice site. You can also go to an independent debt advice charity. None of these should charge you for debt advice or even to help you set up payment plans if necessary.

  • How Much Does it Cost?

    Our search to find you a payday loan is completely free of charge. As such we will not charge you any kind of upfront fee for processing your application. Should you accept an offer of a payday loan from one of our panel of lenders, you will be informed of the interest that they will charge to allow you to make an informed decision. Some lenders charge more than others however as a general rule you will typically be charged £25 for every £100 that you borrow.

     

    Why does the APR seem so high?

     

    The rules and regulations that govern financial payday loans companies state that we must show you the Annual Percentage Rate (APR).

     

    APR’s are calculated based on paying a fixed amount of interest annually, are more intended for mortgages and credit cards and do not suit cash loans.

     

    If you borrowed £100 and paid back £25 every month for a year it would be very expensive.

     

    However, payday loans are taken for a maximum term of 31 days, and so APR’s are not the best way to measure how competitive our rates are.

     

    We would prefer to focus on the amount you pay back in total rather than on APR. We are confident that we offer the most competitive rates in the market for this service.

     

    Payday loans are always small amounts of unsecured loans that an individual is given and expected to repay the next day they receive their salary. In most cases, this type of loan is usually used to fund emergencies. This type of loan is normally characterized by slightly higher interest rates compared to the normal bank loans. This is mainly due to the short approval rates of these loans. Below are some other factors that would affect payday loan charges.

     

    One of these is the credit score of the borrower. Even though one does not need an impressive credit history before they can be awarded this type of loan, having good credit score is always likely to lower the interest rates charged. This is because borrowers with good credit scores are usually seen as safe borrowers.

     

    The main reason why bank loans are always cheaper than payday loans is because most of them require the borrower to provide collateral in form of asset which the lender can claim in case the borrower defaults. This is not always a requirement in case of payday loans. However, if one has an asset to present as collateral when applying for payday loans, they are always likely to secure the loans at affordable rates. The problem with this is that the amount of loan will be dependent on the value of the collateral.

     

    The borrower's risk factor is also likely to come into play on the interest rates that a particular borrower will be expected to pay. Apart from credit score, different lenders usually have their own ways of collecting data and repayment history of various borrowers. This will enable them classify borrowers according to their risk factors. Borrowers with low risk factors are always likely to get payday loans at affordable rates.

     

    Even though it is the lender who normally sets the maximum amount of money that an individual may borrow, the amount applied for will also have an influence on the payday loan charges. The more an individual applies for, the higher rates they are likely to be charged. It is therefore advisable not to borrow extra mount of money. One may also be able to get low charges if they can present guarantors who will undertake to repay the loan should they default. It is however worth noting that this is not a requirement for one to qualify for payday loans.

     

 

Warning: Late repayment can cause you serious money problems. For help go to moneyadviceservice.org.uk

 

 

This site operates in full compliance United Kingdom Financial Regulations and is a trading name of MIC Direct Ltd:  Address: Pioneer House, Birmingham St, Halesowen, West Midlands, B63 3HN. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 640681. Not all types of business we undertake is authorised and regulated by the Financial Conduct Authority. Data Protection License: Z2609564.

 

This site is a consumer application system, allowing consumers to make instant applications to a multiple of Loan providers via a single online form. We may receive commission from a Loan provider upon completion of one of their products.

 

We do not provide financial advice relating to loans or other products. The product information is from independent sources and rates do vary depending on circumstances and other factors. This information is free of charge to you. We receive a commission from the brokers and intermediaries we refer you to. Some partners may charge a fee for their services if you decide to proceed with them.

 

Payday Loans - Representative APR: 1734%

Representative Example: Borrow £50 for 30 days. The total charge for credit is £14.75. Interest is fixed at a rate of £14.75 per £50 loan. The Total Repayable is £64.75.