Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
After regulation of payday loan market, due to low working margin for direct lenders, many of them have left the market. Now new Payday Loans companies are entering in this field with new technology to operate in low cost. Use of online mode for loan application and automated loan processing has work well in cost cutting for new lenders. Now interest rates are capped and penalties are fixed so business margin is very small for new lenders. New lenders are working hard to establish their company in the regulated and competitive loan market. The loan approval for poor score applicants become very low as new lenders are not in position to bear extra risk in bad credit loans.
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292% per year. 1272% APR Representative.