Speed-e-Loans is one of many businesses in the UK today that are offering a type of financing called pay day loans. Their name is an indication of what they do to set themselves apart from the competition – fast cash transfers. In many cases, after you have received a green light on your application (usually almost instant), you will have the money in 2 hours. That makes this lender perfect for emergency situations where you need the money fast. To set UK payday lenders side by side and compare their terms, click here: Which Payday Lender.
If you haven’t heard about this type of loan called a pay day loan, then the briefest explanation is that they are in effect a cash advance to fix cash flow problems between two paydays. This will come at a cost, of course, as they are doing business and are providing a service you would otherwise be hard-pressed to solve.
The loan term is generally one month – that is, the loan is called a payday loan because it is paid back on the next payday. With Speed-e-Loans, you can expect an APR of 2334%, and this is neither high or low in the payday loans industry.
Note that the APR doesn’t straightforwardly convert into your interest rate. For the average customer, for every £100 they borrow, they repay £130.
When you apply for a payday loan from Speed-e-loans for the first time, the maximum amount that you will have access to is £250 – this is because they need to make sure you are able to repay them. But when you have repaid your first one, the next loan can be up to £1000.
The minimum loan amount of £100 makes this payday lender unsuitable for people who are only looking for some micro-financing just to bridge the gap between two paydays.
Speed-e-loans do perform credit checks so if you have bad debt, then it would probably be better to look for another lender on the market. Yes, their web site does state that every time you do repay a payday loan, your credit rating will improve, but this statement should be taken with doubt.
The WhichPaydayLender.co.uk Team has written this review on speed-e-loans.com for you.
To find out more information about Speed-e-Loans, go here: review on Speedeloans.
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