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Representative example: If you borrow £3,250 over 36 months at a Representative rate of 49.9% APR and an annual interest rate of 41.16% (fixed), you would pay 36 instalments of £158.57. The total charge of credit will be £2,464.57 and the total amount payable will be £5,714.67
When a payday loan either won’t quite give you the amount you need in a loan or won’t give you enough time to be able to pay it back, a short-term loan could be a more appealing and functional option. That being said, there are so many lenders available that it can be hard to figure out where you should go or who you should trust to be your best choice.
Additionally, how much should you take out? How long of a term should you allow yourself to pay it back? What if you’re declined and your credit report takes a hit without you actually getting the money you need?
Applying to lenders directly and being rejected could cost you more than just time. If your application is rejected, you could have a note left on your credit file and the next lender might reject you solely based on your past rejection. This can be a vicious cycle and that’s why getting an idea of which lenders might be more likely to approve you beforehand could save you not only time but higher APR’s.