The means that the maximum daily interest rate is 0.8% a day. The borrower of short term loans will never pay back more in interest than 100% of the initial loan value. This provides peace of mind for many customers and we are proud to be one of the leading short term loans direct lenders on the market today. Where many of the most prominent short term loans lending brands opt to charge this maximum daily interest rate, our average daily interest rate is a great deal lower than this.
More Useful Additional Information
Due to the high-risk nature of this type of lending, many borrowers will generally pay a higher rate of interest than they would with a conventional long-term loan. This is because these short loans are a form of unsecured borrowing. The lender has no security against the loan itself, unlike with secured borrowing such as a mortgage or higher purchase loan on a car, for example. Lenders, therefore, will charge higher interest rates to their customers due to the increased exposure to the risk of non-payment and bad debt circumstances.
Here at Fast Loan UK, we mitigate against this risk by carrying out thorough credit and affordability assessments, designed to protect you just as much as us as short term loans direct lenders. We have also built strong bonds with our customers and long-term, friendly relationships. Therefore, our lending is generally cheaper than many of our competitors. guaranteed payday loans Ashtabula If you require more information on borrowing or expert advice, please contact the Money Advice Service for impartial, independent financial advice.
- You’ll receive immediate access to funds when you’re in urgent need or suddenly face unexpected expenses?