Speed-e-loans is a payday lender on the UK market. Their name is an indication of what they do to set themselves apart from the competition – fast cash transfers. In fact, once your loan application is approved, you could see the cash within two hours. So if you are looking to solve a financial situation urgently, they are a suitable option. If you want to compare different UK lenders, visit this site: Speed-e-loans Review.
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. Of course, because they are doing business, they will ask an appropriate price for solving your cash needs on such short notice.
Usually the loan is for one month – they expect you to repay it in whole by the next payday, thus the name. Some lenders allow rollovers, though. With Speed-e-Loans, you can expect an APR of 2334%, and this is neither high or low in the payday loans industry.
The APR cannot be used to tell what your repayment amount is going to be, however. For the average customer, for every £100 they borrow, they repay £130.
For first time applicants, the largest loan amount that is issued is £250. They need to get to know you and trust you. Once you successfully repay this first loan, the available amount increases and you can borrow 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. The website of Speed-e-loans does in fact say that each time you when you pay back a short-term loan like a payday loan, you can improve your credit rating, but this is a claim which should be taken with a grain of salt.
To find out more information about Speed-e-Loans, go here: speed-e-loans review or here: Payday loans.
