What are the Charges?
Representative Example: Borrow £250 for 90 days. Total amount repayable is
£411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292%
1272% APR Representative.
Late repayment can cause you serious money problems.
For help go to moneyadviceservice.org.uk
We are a licensed credit broker, not a lender.
* requests to our lenders are subject to an assessment of affordability and credit worthiness.
The cost of your loan will depend upon the lender we match you with.
Provided you match more than one of our Lenders‘ criteria, we will offer to sell your lead to lenders in order of the APR from lowest to highest.
The Representative example we display looks at what 51% or more of customer using are site typically pay.
Please always read all pre-contractual information supplied by the lender and always read the loan agreement carefully before you sign/accept it.
Payday lenders must comply with the Financial Conduct Authority’s rules, including price cap rules.
Lenders should not charge interest of more than 0.8% per day (292% per annum), must not charge default charges greater than £15 and repayment must never be more in fees and interest than 100% of the amount borrowed.
Why is the APR so high?
APR stands for "annual percentage rate." It is the annualised cost of credit, expressed as a percentage. APR is helpful when comparing two similar credit options from separate lenders. The total cost of credit is also a valuable tool in determining exactly how much the loan will actually cost you.
Penalties regarding late or non-payment:
Before you sign-up for the loan, you will be required to provide a date for the repayment of your loan, and this will be noted in the terms of agreement with your lender. If you face a problem half way through the month and find it difficult to repay on time, we suggest that you immediately contact your lender and discuss the issue. Most probably there will be another option that will suit your situation. However, if you know that you cannot payback on time and fail to inform your lender as well, then, as per the lender’s policy, you may be charged a default fee of up to £15.
Disclosure of Fees & Renewal policy:
Our primary goal is to provide foolproof and straightforward services to our customers. We try our best to make the transaction process timely, quick and transparent. We guarantee that our lending partners will clearly disclose the product features to you, including fees, rates and cost of your loan repayment information before you up for a loan.
We only work with creditable lenders who do their job fairly and can guarantee you an affordable package along with up-front customer service. Please remember that we are not crediting you directly and therefore, the fees and charges included in the package are decided at the time of agreement as per the lender’s discretion.
There are absolutely no charges for applying through the abbeyloans.co.uk brokerage service.
abbeyloans.co.uk is owned by a private company.