A Look At Loan Charges

THE TRUTH ABOUT SHORT TERM LOAN CHARGES This case study will look at an individual called 'Peter' who wants to borrow £100 at the cheapest possible rate. Peter wants to look into the different short term borrowing options that are available to him. There are four realistic options, payday loans, an authorised bank overdraft, an unauthorised bank overdraft and a credit card. To determine how much it will cost Peter to borrow £100 from each of these lenders, he needs to calculate the following: > The interest rate against the loan of £100 > The length of time he will repay the loan - one week for this example > Any additional hidden charges > The total cost of borrowing and repaying the loan of £100 Peter needed to borrow £100 quickly! ? - So realistically had 4 options to get his hands on some short term funds But where to borrow from? Peter tried his farmily and friends but to no avail. Bank Overdraft Bank Overdraft Authorised Unauthorised Payday Loans Credit Card Lending Options LOAN APR: LOAN APR AVERAGE LOAN APR: LOAN APR: Between 9.9% and 19.9% avтаge APR 14.9% 16.9% 1737% REPAYMENT TIME: REPAYMENT TIME REPAYMENT TIME: Ongoing REPAYMENT TIME: Within 30 Days Within One Week whenever Peter decides to make the repayment as he has agreed this with his bank REPAYMENT AMOUNT: REPAYMENT AMOUNT: between E22 and £186 per month, an average of £104 REPAYMENT AMOUNT: £25 for £100 loan E16.90 for £100 over 30 days REPAYMENT AMOUNT: loan £14.90 on £100 FURTHER INFORMATION: Some payday lenders charge FURTHER INFORMATION: Overdraft Unauthorised bark overdrafts must be repaid asap le one week for additional services ТОTAL: TOTAL: ТОTAL: TOTAL: £114.90 £116.90 £125 £204 1st 2nd 3rd 4th Bank Overdraft Authorised Bank Overdraft Unauthorised Credit Card Payday Loans If you are looking for a quick short term cash solution try family and friends first and foremost. The Authorised Bank Overdraft is by far and away the cheapest option to head for and then move down the list depending on your circumstances. Please be as cautious in every decision you make relating to your money as taking out the wrong option and then defaulting on your loan can cost you significantly in the long run. Copyright FastPaydayl.cansReview 2012 0 THE TRUTH ABOUT SHORT TERM LOAN CHARGES This case study will look at an individual called 'Peter' who wants to borrow £100 at the cheapest possible rate. Peter wants to look into the different short term borrowing options that are available to him. There are four realistic options, payday loans, an authorised bank overdraft, an unauthorised bank overdraft and a credit card. To determine how much it will cost Peter to borrow £100 from each of these lenders, he needs to calculate the following: > The interest rate against the loan of £100 > The length of time he will repay the loan - one week for this example > Any additional hidden charges > The total cost of borrowing and repaying the loan of £100 Peter needed to borrow £100 quickly! ? - So realistically had 4 options to get his hands on some short term funds But where to borrow from? Peter tried his farmily and friends but to no avail. Bank Overdraft Bank Overdraft Authorised Unauthorised Payday Loans Credit Card Lending Options LOAN APR: LOAN APR AVERAGE LOAN APR: LOAN APR: Between 9.9% and 19.9% avтаge APR 14.9% 16.9% 1737% REPAYMENT TIME: REPAYMENT TIME REPAYMENT TIME: Ongoing REPAYMENT TIME: Within 30 Days Within One Week whenever Peter decides to make the repayment as he has agreed this with his bank REPAYMENT AMOUNT: REPAYMENT AMOUNT: between E22 and £186 per month, an average of £104 REPAYMENT AMOUNT: £25 for £100 loan E16.90 for £100 over 30 days REPAYMENT AMOUNT: loan £14.90 on £100 FURTHER INFORMATION: Some payday lenders charge FURTHER INFORMATION: Overdraft Unauthorised bark overdrafts must be repaid asap le one week for additional services ТОTAL: TOTAL: ТОTAL: TOTAL: £114.90 £116.90 £125 £204 1st 2nd 3rd 4th Bank Overdraft Authorised Bank Overdraft Unauthorised Credit Card Payday Loans If you are looking for a quick short term cash solution try family and friends first and foremost. The Authorised Bank Overdraft is by far and away the cheapest option to head for and then move down the list depending on your circumstances. Please be as cautious in every decision you make relating to your money as taking out the wrong option and then defaulting on your loan can cost you significantly in the long run. Copyright FastPaydayl.cansReview 2012 0 THE TRUTH ABOUT SHORT TERM LOAN CHARGES This case study will look at an individual called 'Peter' who wants to borrow £100 at the cheapest possible rate. Peter wants to look into the different short term borrowing options that are available to him. There are four realistic options, payday loans, an authorised bank overdraft, an unauthorised bank overdraft and a credit card. To determine how much it will cost Peter to borrow £100 from each of these lenders, he needs to calculate the following: > The interest rate against the loan of £100 > The length of time he will repay the loan - one week for this example > Any additional hidden charges > The total cost of borrowing and repaying the loan of £100 Peter needed to borrow £100 quickly! ? - So realistically had 4 options to get his hands on some short term funds But where to borrow from? Peter tried his farmily and friends but to no avail. Bank Overdraft Bank Overdraft Authorised Unauthorised Payday Loans Credit Card Lending Options LOAN APR: LOAN APR AVERAGE LOAN APR: LOAN APR: Between 9.9% and 19.9% avтаge APR 14.9% 16.9% 1737% REPAYMENT TIME: REPAYMENT TIME REPAYMENT TIME: Ongoing REPAYMENT TIME: Within 30 Days Within One Week whenever Peter decides to make the repayment as he has agreed this with his bank REPAYMENT AMOUNT: REPAYMENT AMOUNT: between E22 and £186 per month, an average of £104 REPAYMENT AMOUNT: £25 for £100 loan E16.90 for £100 over 30 days REPAYMENT AMOUNT: loan £14.90 on £100 FURTHER INFORMATION: Some payday lenders charge FURTHER INFORMATION: Overdraft Unauthorised bark overdrafts must be repaid asap le one week for additional services ТОTAL: TOTAL: ТОTAL: TOTAL: £114.90 £116.90 £125 £204 1st 2nd 3rd 4th Bank Overdraft Authorised Bank Overdraft Unauthorised Credit Card Payday Loans If you are looking for a quick short term cash solution try family and friends first and foremost. The Authorised Bank Overdraft is by far and away the cheapest option to head for and then move down the list depending on your circumstances. Please be as cautious in every decision you make relating to your money as taking out the wrong option and then defaulting on your loan can cost you significantly in the long run. Copyright FastPaydayl.cansReview 2012 0 THE TRUTH ABOUT SHORT TERM LOAN CHARGES This case study will look at an individual called 'Peter' who wants to borrow £100 at the cheapest possible rate. Peter wants to look into the different short term borrowing options that are available to him. There are four realistic options, payday loans, an authorised bank overdraft, an unauthorised bank overdraft and a credit card. To determine how much it will cost Peter to borrow £100 from each of these lenders, he needs to calculate the following: > The interest rate against the loan of £100 > The length of time he will repay the loan - one week for this example > Any additional hidden charges > The total cost of borrowing and repaying the loan of £100 Peter needed to borrow £100 quickly! ? - So realistically had 4 options to get his hands on some short term funds But where to borrow from? Peter tried his farmily and friends but to no avail. Bank Overdraft Bank Overdraft Authorised Unauthorised Payday Loans Credit Card Lending Options LOAN APR: LOAN APR AVERAGE LOAN APR: LOAN APR: Between 9.9% and 19.9% avтаge APR 14.9% 16.9% 1737% REPAYMENT TIME: REPAYMENT TIME REPAYMENT TIME: Ongoing REPAYMENT TIME: Within 30 Days Within One Week whenever Peter decides to make the repayment as he has agreed this with his bank REPAYMENT AMOUNT: REPAYMENT AMOUNT: between E22 and £186 per month, an average of £104 REPAYMENT AMOUNT: £25 for £100 loan E16.90 for £100 over 30 days REPAYMENT AMOUNT: loan £14.90 on £100 FURTHER INFORMATION: Some payday lenders charge FURTHER INFORMATION: Overdraft Unauthorised bark overdrafts must be repaid asap le one week for additional services ТОTAL: TOTAL: ТОTAL: TOTAL: £114.90 £116.90 £125 £204 1st 2nd 3rd 4th Bank Overdraft Authorised Bank Overdraft Unauthorised Credit Card Payday Loans If you are looking for a quick short term cash solution try family and friends first and foremost. The Authorised Bank Overdraft is by far and away the cheapest option to head for and then move down the list depending on your circumstances. Please be as cautious in every decision you make relating to your money as taking out the wrong option and then defaulting on your loan can cost you significantly in the long run. Copyright FastPaydayl.cansReview 2012 0 THE TRUTH ABOUT SHORT TERM LOAN CHARGES This case study will look at an individual called 'Peter' who wants to borrow £100 at the cheapest possible rate. Peter wants to look into the different short term borrowing options that are available to him. There are four realistic options, payday loans, an authorised bank overdraft, an unauthorised bank overdraft and a credit card. To determine how much it will cost Peter to borrow £100 from each of these lenders, he needs to calculate the following: > The interest rate against the loan of £100 > The length of time he will repay the loan - one week for this example > Any additional hidden charges > The total cost of borrowing and repaying the loan of £100 Peter needed to borrow £100 quickly! ? - So realistically had 4 options to get his hands on some short term funds But where to borrow from? Peter tried his farmily and friends but to no avail. Bank Overdraft Bank Overdraft Authorised Unauthorised Payday Loans Credit Card Lending Options LOAN APR: LOAN APR AVERAGE LOAN APR: LOAN APR: Between 9.9% and 19.9% avтаge APR 14.9% 16.9% 1737% REPAYMENT TIME: REPAYMENT TIME REPAYMENT TIME: Ongoing REPAYMENT TIME: Within 30 Days Within One Week whenever Peter decides to make the repayment as he has agreed this with his bank REPAYMENT AMOUNT: REPAYMENT AMOUNT: between E22 and £186 per month, an average of £104 REPAYMENT AMOUNT: £25 for £100 loan E16.90 for £100 over 30 days REPAYMENT AMOUNT: loan £14.90 on £100 FURTHER INFORMATION: Some payday lenders charge FURTHER INFORMATION: Overdraft Unauthorised bark overdrafts must be repaid asap le one week for additional services ТОTAL: TOTAL: ТОTAL: TOTAL: £114.90 £116.90 £125 £204 1st 2nd 3rd 4th Bank Overdraft Authorised Bank Overdraft Unauthorised Credit Card Payday Loans If you are looking for a quick short term cash solution try family and friends first and foremost. The Authorised Bank Overdraft is by far and away the cheapest option to head for and then move down the list depending on your circumstances. Please be as cautious in every decision you make relating to your money as taking out the wrong option and then defaulting on your loan can cost you significantly in the long run. Copyright FastPaydayl.cansReview 2012 0