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Charges | Uloan

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Charges

Here are the facts – we will let you make your own mind up

If you think a loan could be a good option there are some things you need to do first. The most important thing is to make sure you can afford it. You must only borrow what you can afford to pay back. Want an easy way to find out? You do the math:

Monthly disposable income – total cost of loan = money left over?

If yes then let uLoan help you.

Here at uLoan we have bags of experience and we work hard every, single day to make sure we are number one. Our service is what makes us stand out from the rest. The foundations of this come from making sure you are properly informed. We want you to know exactly how short-term loans work.

For a payday loan you can borrow between £80 and £750. But please take some time to make sure you can repay the money you owe when the agreement ends.

Representative 278% APR

There will be a difference in the length of time between each individual application and the due date because everyone has different paydays.

Ouch! Isn’t the APR a bit steep?

It does appear that way – but let us explain. In a bid to make things easier for consumers all financial sector firms must represent interest rates using the Annual Percentage Rate. You might more commonly recognise it as APR. Now, for longer-term loans this calculation does the trick really well. But it is flawed for the types of loans we help you find. Although we will keep telling you the APR, a better way to compare short-term loans is by looking at the overall cost and deciding whether you can afford it.

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£80

7 days

You pay back:     £352.80
Total loan cost: £72.80*

In a bid to make things easier for consumers all financial sector firms must represent interest rates using the Annual Percentage Rate. You might more commonly recognise it as APR. Now, for longer-term loans this calculation does the trick really well. But it is flawed for the types of loans we help you find. Although we will keep telling you the APR, a better way to compare short-term loans is by looking at the overall cost and deciding whether you can afford it.

Let’s explain further:

On the face of it the payday loan has a far higher APR – but pound for pound they are usually cheaper. Let’s say the repayment period for an unsecured personal loan of £15,000 is five years. The total fees paid at the end of that agreement would be £4,981.92 – or 33.2% of the money borrowed.

Now let’s match up a payday loan charged over a 30-day period with a far higher APR. However because the timescale is much shorter the overall cost per £1 borrowed is lower – YES LOWER – with the short-term agreement.


Comparing Payday Loans and Personal Unsecured Loans

Example of a payday loan:

Shall we break it down? Here you go …

  • Borrow £200 over 30 days

  • Pay back £248

  • The extra £48 is interest

  • The APR is 1269.7%

For each £1 you were lent, an extra 24p would be paid back

Example of a payday loan:

OK – take a look at the personal loan …

  • Borrow £15,000 over 60 months

  • Pay back £19,981.92

  • The extra £4,981.92 is interest

  • The APR is 15.9%

For each £1 you were lent, an extra 33p would be paid back


Instant cash loans from £80 to £750

Get an instant decision online and payment direct into your account.

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Consumer Advisory: uLoans is a matching service. We take the information you provide and match it up to a lender. Upon approval, the lender may need more information from you. They will collect this via their website, email or the phone.

Terms, conditions and policies are different depending on which lender you use. Late or missed payments are likely to mean increased fees and interest rates.

Not all lenders will offer up to £750 in payday loans, and not all applicants will be approved for the full amount they want. Loan repayment periods vary by lender also. Lenders are likely to use collection services for non-payment of loans.

Representative 1223.6% APR

Representative Example: 1223.6% APR variable. £100 borrowed over 30 days would equal total borrowing of £124.00. Actual Interest is 24%.

Note: the APR you pay may differ depending on the lender that accepts you.

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*Fund transfer times may vary based on the matched UK money lender, time of day applied and your bank.