Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
Payday lending with direct lender or broker hardly makes any difference for borrower in terms of interest rates. As authorized brokers are working with direct lenders and get commission from them only. When borrower choose to apply for payday loan through any brokers via their online platform, he has to pay nothing for using their services. As his loan is approved by direct lenders only, if he agrees to sign loan deal with the lender then only the broker will get commission from the lender. The commission of broker is for leads provided to the lender and it is purely marketing expenses for the lender nothing to do with borrowers cost.
Some borrowers think that payday loan with broker will delay in their funding this is also not correct. Brokers never hold information of loan seekers, they use automated online information sharing with their associated lenders. The response time of lenders is very quick and they inform their willingness to funding immediately otherwise this information is passed to next lender and so on.
The main benefit of borrower with broker is free comparison of loan terms and by this way he can conclude for cheap credit suitable for his need.
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.
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