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 £15 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.
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.
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.