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:
Rather than paying through the nose for expensive credit, take out a community bank personal loan and save ££££££’s.
Derbyshire Community Bank example:
Amount of credit: £400 for 28 days. One total repayment of £408.23. Interest charged £8.23. Saving you over £80.
Spread the cost over twelve weeks. Interest charged £18.22. Saving you over £70.
Payday lender (Wonga) example:
Amount of credit: £400 for 28 days. One total repayment of £489.60. Interest charged £89.60.
(as at March 2015)
We don’t offer payday loans. What we offer is personal loans that are affordable and can be agreed over a period of time that is manageable to you. We don’t charge ridiculous interest rates so our loans save you pounds. We don’t have any hidden charges or costs. We will only lend to you if it is affordable and right to do so.
Only apply for the loan if you are sure you can repay it. You are borrowing your fellow member’s savings, so it is important that you take your commitment to repaying the loan seriously. If you have any difficulty in repaying your loan then contact us immediately. Don’t ignore problems and hope they go away – usually they get worse and are more difficult to resolve.
All loans are subject to status. Eligibility and conditions apply. You must work or live in Derbyshire.