Western Circle Ltd. trading as Pera Loans provides payday loans in the UK. Our responsible short term loans are designed to help our customers get through a temporary financial shortage. Pera loans should never be used as a long term borrowing solution. We are not always the cheapest option on the market, so always ask yourself: Is a Pera Loan right for my current financial need? Do I really need this loan?
We encourage our customers to compare our products and interest rates with alternative lenders on the market before borrowing from us, as we know that we are not the cheapest loan provider.
Pera Loan Requirements
To get a responsible short term loan from peraloans.co.uk, you need to be in full time employment; have an active bank account and an associated debit card to your main bank account. To approve your loan, we will need to see that you have enough disposable cash at the end of the month to accommodate the repayments of the loan. If you’re monthly income is below our “threshold”, you are in temporary employment or living off benefits, we cannot give you a loan.
As an FCA-authorised lender who is committed to giving our customers the right loan for their current situation, we have developed a credit and affordability evaluation system which helps us to determine if the product we offer is right for you.
Although we try our best to ensure that we are offering you a suitable product, we understand that unforeseen circumstances can crop up that make it harder for your to repay. Our collection procedures are designed to help both parties come to an agreement that they are happy with.
All of our loans are follow the same cost framework:
- Total Cost To Repay Cap of 100% – The maximum amount of charges is is twice the principle borrowed. If a customer borrows £200, they will never have to repay more than £400.
- Card Authorization Fee: £0 – We do not charge a card authorization fee.
- Up to 2 CPA Attempts per Loan – Our system will try to collect the agreed repayment amount on the agreed date. No partial payments or different dates will be used for automated collection unless authorisation is given from the customer.
- Default Fee – If you fail to repay your loan by 5pm on the due date, a one off £15 charge is added to your account.
- Capped Arrears Interest – Most of our loans do not have a different daily default charge. Following non-payment, you are charged the daily interest rate until a payment is made.
- Daily Interest – Our loans are capped at a daily interest rate of 0.8%. The actual interest we will charge you depends on the amount and duration of the loan request. The interest cap of 0.8% covers all loan statuses including rollovers and loans in arrears.
Borrow £450 for 13 weeks with a flat interest rate of 0.6817% per day. The total repayment amount will be £614.25 in 13 equal weekly payments of £47.25. The total interest charge in this case is £164.25. There is no card verification cost. The maximum default fee charged per loan is capped at £15. The APR for a £450 loan is 1036.74% (146.40% per annum).
*Example calculated based on loan taken on 01.01.2015 for 3 month (3 monthly payments)