Typical APR only 2686%
I found this website today and I’m trying to work out how I feel about it…
They’ll lend you up to £400 for up to 30 days to help you pay a bill, and they’ll approve it and transfer the money in under an hour.
The APR sounds shockingly high, but as the loan is only over the maximum of a month the repayment isn’t horrific, i.e. if you borrow £200 over 15 days you’ll have to pay them back an extra £35.90. You can even get them to pay direct to your service provider.
I certainly think in the past this could have helped me out, although it’s worth considering if the interest charges are going to be more or less than the bank charges. I guess time will tell if they’ll become a useful service for people struggling a bit with their cash flow, or if they will horrifically rip people off when they are needing help.
