Our Charges & Payment Options

Why Pera Loans?
  • Apply from home
  • Responsible direct lender
  • Easy to understand and compare
  • Safe and secure process
  • We treat our clients with respect
  • Loans vary from £400.00 to £2000.00
  • You know you get the RIGHT product
Representative example:

Borrow £1000 for 6 months. The total repayment amount will be £1487.90 with first payment of £212.55, 4 payments of £283.40 and last payment of £141.75. There is no card verification cost. The maximum arrears fee charged per loan is capped at £10. The representative APR is 336.15% (138.82% per annum fixed).
Our loans are available between 3 and 6 months depending on the loan amount.

Warning: late repayment can cause you serious money problems. for help, go to - moneyhelper.org.uk

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Our charges and payment options

Our products are designed with the FCA cap in mind, as well as affordability for our clients. We enforce strict cost control on open loans, loans in default and rollovers. We never charge hidden fees and, prior to any loan, we always present to our client all the costs involved during the life cycle of his/her loan.

All our short-term loans are defined with the following cost framework:

  • Total cost Cap of 100% – the maximum loan value we allow is twice the principle. So if you borrowed £200 your will never have to pay more than £400.
  • Card authorization fees: £0 – no card authorization fees are applied.
  • CPA cap to 2 tries per installment. – our system will try to collect the scheduled repayment in full as agreed in your loan contract. not partial amounts or different days would be used for the auto collection.
  • Default fees are £10 and paid only once per loan if client fails to pay by 5pm on a scheduled repayment day.
  • Arrears interest: most our loans have no arrears interest. You simply continue to pay the ongoing daily interest. in some cases we apply the gap between the current daily interest and 0.8% as arrears interest. in any case, you never pay more than 0.8% daily interest. all details would be provided upon specific loan request in an easy to understand way
  • Daily interest: all our loans are capped with maximum daily interest rate of 0.8%. The actual interest is calculated according to the amount and the duration of the requested loan. The maximum interest cap covers all loan statuses including rollover, loans in arrears and any operational fees.
  • Your loan arrears interest is accrued until your reach your debt is double the amount borrowed (not including court fees that may have accrued).

How do we apply the interest to your loan?

All our short term loans are based on simple interest. We never charge “interest on the interest”, or compound interest. You pay interest only on the outstanding amount of the money you borrowed. So as you repay your loan, the interest would be calculated only on the remaining capital.

CPA

On all new and renewal business, the payment method must be by CPA. The CPA payment must be set to coincide with the customer’s pay date. Payment must be made no later 45 days after the loan advance date.

Obviously, you can cancel your CPA with us at any time. Please remember, that if you cancel the CPA, you will still be responsible for paying any money that you owe under the agreement.

Manual payments

These can only be applied by an employee.  Please contact our client service center if you wish to pay manually by debit card or wire transfer. We do not accept cash payments.

  • You must hold a valid UK bank account that accepts direct debit.
  • You must be 23 or over to apply.
  • You must be a resident and be eligible to work in the United Kingdom
  • You must be employed and receive a regular salary.
  • Your salary must be paid directly into your bank account.

Peraloans.co.uk is committed to providing a good service to consumers and treating them fairly. As always, if you have any questions or queries with regards to our loans you can call us on 0203 397 1744 / 07946 220135 or email us at info@peraloans.co.uk