What We Charge

We have created 4, 5 and 6 pay cycle loans based on the loan amount you are granted. These plans are focused on giving you the option to have lower monthly repayment amounts. If you are borrowing £80, your repayment schedule will follow the 4-cycle plan. £120 and £160 loans will follow the 5-cycle plan. The 6-cycle plan is applicable for loans of £ 200 or greater. For each of these plans, you will be required to pay interest only on your first pay date. On following pay dates you will be required to pay the monthly interest due (on the reducing balance) along with a fraction of the principal (split into equal installments for the remainder of the loan term).

If you wish to keep the total interest you pay to a minimum, you should repay as quickly as you can. We charge NO prepayment penalties.

Interest

We charge £25 for every £100 borrowed for each pay cycle.

Pay Cycles

The first repayment date will be the first payday (when you receive your pay cheque) falling at least 8 days from the date of approval of the loan. The second repayment date is your immediate payday (next pay cheque) following your first repayment date. Based on the number of cycles, successive repayment dates will follow this pattern.

For example, if the loan is approved on the 21st of March and your first payday following this date is April 1st, then April 1st is your first repayment date. Your second repayment date, therefore, will be May 1st. If your loan follows the 4-cycle plan, the third repayment date is June 1st and the fourth (and final) repayment date is July 1st.

However, if your loan is approved on the 25th of March and the first payday is April 1st (which falls less than 8 days from the date of approval of the loan), your first repayment date will be May 1st, second repayment date will be June 1st, and so on.

Transaction Charges & Default Fee

We charge £15 if you opt for same day (CHAPS) transfer of funds into your bank account. This is the same fee we pay our bank to process such a request for same day payment. The CHAPS charge is deducted from the loan amount credited to your account. However, you can opt to have your loan amount transferred without an additional transaction charge if you choose the slower BACS option (which may take up to three days).

If we are unable to collect the amount you owe from your debit card on your repayment dates, you will incur a default charge of £12. Interest will also continue to accrue on your outstanding loan amount.