We charge a competitive rate for our short-term loans, in-line with most other loan companies. However, you will find that the Care service will make us stand out from our competitors.
As an example, for a loan of £100 to be repaid over your next three salary payment dates, the three equal repayments will be in the region of £50. As interest is charged on a daily basis the repayment amounts will vary slightly in line with the period of the loan. A member of The Care Team will be able to give you exact repayment amounts once the dates have been discussed.
Our Credit Agreement clearly shows the APR which stands for the Annual Percentage Rate of charge and describes the rate of charge for a whole year and expresses interest and other fees as an annual rate. As an annualised measure, the APR equation takes a cash advance of up to one month and not only multiplies, but also compounds, the interest. APR was primarily designed for comparing like-for-like financial products and can still be a valid and important measure but it certainly wasn't devised with short-term loans in mind.
We know our APR seems extremely high but there is a simple reason for this and we are more than happy to explain. Unlike some traditional lenders, we do not use fixed fees and small print to dramatically shrink our APR. The advantage of the Care short-term loan service is its complete transparency - and this is something we will not compromise.