Price Comparisons – Loans?

price comparisons loansPrice Comparison Loans

Price comparison loans is an important subject to undertake in order to make sure you are getting the best deal and value for money that there is out on the market. Here at Derbyshire Community Bank, we want to ensure you know how much other lenders are charging in interest and how we compare.

One of the biggest attractions of a credit union compared to some of the other well known online lenders is the rate of interest that is charged and the potential savings that can be made.  Unfortunately many are unaware of our services and end up paying these high costs.

In addition typically credit union loans are offered without any set up fees or hidden charges.

The tables below provide price comparisons for loans as at 7th November 2016 based on these providers current website examples.

Price comparison loans:

£1,000 borrowed over 52 weeks:

Satsuma Loans Derbyshire Community Bank
Weekly payment £38.27 £22.97 final payment £22.68
Total interest charged on loan £990.04 £194.15
Total Loan £1990.04 £1194.15
Amount saved with DCBank £795.89
Representative APR 1,575% 42.6%

£500 borrowed over 6 months:

Sunny Loans Derbyshire Community Bank
Monthly payment £165.53 £92.30 final payment £92.29
Total interest charged on loan £493.23 £53.79
Total Loan £993.23 £553.79
Amount saved with DCBank £439.44
Representative APR 1,299% 42.6%

£300 borrowed over 3 months:

Wonga Derbyshire Community Bank
Monthly payment £152.65 £106.06
Total interest charged on loan £157.95 £18.18
Total Loan £457.95 £318.18
Amount saved with DCBank £139.77
Representative APR 1,261% 42.6%