Thinking of getting a payday loan? DON’T!
Instead say ‘YES’ to a cheaper community bank loan.
Payday loans may seem the quick and easy option but:
- 1 in 3 people who take out a payday loan get into more money trouble because of it
- 1 in 2 payday borrowers say they were hit with unexpected charges
- Interest rates charged can be in the thousands of percent.
Rather than paying through the nose for expensive credit, take out a community bank personal loan and save ££££££’s.
Payday Loan (Satsuma) example:
Amount of credit: £400 for 6 months. Monthly repayment of £126.40. Interest charged £358.40.
Derbyshire Community Bank example:
Amount of credit: £400 for 6 months. Monthly repayment of £73.84. Interest charged £43.03. Saving you over £300.
(as at February 2020)