Our charges are transparent and straightforward.
The set-up fee is £500 (or 1% of the facility if the loan amount is above £50,000). This can be added to the loan or paid up front.
Interest is accrued only on the money you use, and calculated at a fixed rate of 18% per annum or 1.5% per month (not compounded). It is due only when your case is complete and at loan settlement. We take the annual interest rate of 18% (1.5% per month), multiply by the amount you have used from your facility and divide by the number of days it has been drawn down. For example, if you use £10,000 for 6 months, you will pay back interest of £900.
There is no minimum loan period, no early repayment charges, and no minimum interest charge.
Independent legal advice is typically circa £300 (and cannot be added to your loan). This is required to ensure you fully understand all the implications of the loan arrangements.
Total Amount of Credit: £50,000
Total Charge for Credit: £12,131, includes:
- £300 Independent legal advice (estimate)
- £612 setup fee (£500 set up fee plus £112 interest)
- £11,219 loan interest (assumes full loan amount drawn down on day 1)
Rate of interest 18% per annum (fixed)
Duration 15 months
Total Amount Payable £62,131
Representative APR 19.5%