Short-term high cost loans (payday loans)!

payday loan

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)

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