Why Cash Call is the best choice and how our charges work.
You should only borrow what you will be able to pay back. So at Cash Call we would advise you to make sure you understand the full cost of the loan before agreeing to it. One quick way to help decide if a specific loan is right for you is to estimate your disposable income and then subtract the total amount the loan will cost you. If there will still be money left in the bank then maybe the loan is the best solution to your financial problems.
At Cash Call we have enviable experience within the financial sector and we work hard every single day to make sure we meet the very highest of standards. We are committed to explaining fully to all our customers exactly how short-term loans work.
You can apply for a loan for anything between £80 and £750 but we would like to reiterate that it is vital you think carefully before you agree to any loan and are sure you will be able to repay it once the agreement comes to an end.
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You pay back: £352.80
Total loan cost: £72.80*
In the UK the financial industry must by law represent interest rates using a calculated Annual Percentage Rate – or APR. This is designed to make comparing loans easier for consumers. But APRs are designed specifically for loans which are taken out over a 12-month period or longer and do not usually take in to account non-interest related fees or charges. So, for short-term loans this makes the calculation very difficult to compare on a like-for-like basis.
At first glance a payday loan clearly has a much larger APR than a personal unsecured loan. But the repayment period for a personal loan is 5 years which is much longer. Therefore total fees paid over this time period would come to 33.2% of the original loan value – for a £15,000 loan this would be £4,981.92 in additional charges. If you match this to a payday loan with the 24% charged over a 30-day timescale the total cost per £1 borrowed is LOWER for a short-term loan.
Comparing Payday Loans and Personal Unsecured Loans
Example of a payday loan:
Let's say you borrowed £200 for a 30 day period
Typically, you would pay back £248
In that case, the interest would be £48
The APR for this example would be 1269.7%
For every £1.00 borrowed, £1.24 would be paid back
Example of a payday loan:
Let's say you borrowed £15,000 for a 60 month period...
Typically, you would pay back £19981.92
In that case, the interest would be £4981.92
The APR for this example would be 15.9%
For every £1.00 borrowed, £1.33 would be paid back