Instalment loans are repayable in equal monthly instalments on a date agreed between you the customer and us CASH4UNOW.CO.UK
|Amount of loan advance||£200|
|You will repay||£332.00|
|in 4 instalments of||£83.00|
|Representative % APR||1306%|
|Annual rate of interest||292% per annum|
|Duration of agreement||120 days|
|Number of repayments||Four (4)|
The above example is illustrative and assumes the first repayment is made 30 days after the credit is provided. Exact repayment amounts and interest may change slightly subject to your pay date. Exact figures are provided in your loan documentation once your payday information has been input.
We will not charge you more than 0.8% interest per day on the balance of loan principal outstanding.
We will not charge you more than £15 in total default fees.
If you do not repay on time, you will not be required to repay in total more than twice the amount you borrow. For example, if you borrow £150 you will not be required to pay back more than £300 in capital, interest and charges.
Missed Repayment Charges
If you do not make an instalment payment as it falls due (on the payment date), we may charge you a default fee of £5 and this will be added to your account the day after the payment date. We may apply up to 3 default fees, if you miss 3 separate instalments (if applicable) totalling a maximum of £15 and subject to the application of the rate cap. You may be charged default interest at the fixed rate as shown in your loan agreement on the outstanding principal if your loan is in arrears subject to the application of the rate cap.
Our APR Explained
The term APR stands for Annual Percentage Rate of Charge. It is the interest payable plus administrative fees applied expressed as an annual rate of charge. The rules and regulations that govern Consumer Credit providers like ourselves state that they must quote their APR before you (the customer) sign a regulated consumer credit agreement.
Why is the representative APR so large?
The APR, or Annual Percentage Rate of Charge, is required by law to be included on certain documents and promotional materials and is calculated according to a formula laid down by regulations.
Essentially the APR looks at annualised charges and the formula used (which is quite complex) means that high APRs are often shown for very short term loans and they can give a distorted impression of what the interest charge applied to your loan really is.