Payday Bank is what’s known in the business as a loan broker – they try to find the best, most competitively rated payday loan to suit you and your needs.
The nice thing about going through a loan broker rather than direct through a lender is the fact that they will select a payday loan that fits your requirements. Let’s face facts – one short term loan will not necessarily suit everyone (if it did then there would probably be only one payday lender).
On average the interest rates on payday loans taken out with this broker tend to be pretty much the same – which is why the representative APR is static at around 1737%. But remember – this isn’t representative of the actual interest rate you repay as this is a measurement over a year rather than the month you take the loan out for.
This still works out that you pay around £25 for every £100 borrowed – in essence you repay a total of £125.
The majority of decent payday loan companies will only lend to you if they believe you are capable of repaying the debt. Payday Bank are probably one of the more trusted brokers in the payday business – they only work with well recognised, respected lenders in the sector.
If you choose to take out a loan with Payday Bank you are in safe hands – they are careful with who they work with and the vast majority of lenders will give you the option of deferring repayments over a period of time if you do end up struggling financially.
Compare payday loans with Creditwindow: