Our Rates - Quick Loans APR
All rates are clear and displayed openly for all borrowers to view before any loan agreement is accepted. Applicants can cancel the process at anytime.
Rates are reflective of the status of the individual applying. The better the status and history, the cheaper the rate that will be offered.
Representative Example: Amount of credit: £1500 for 11 months at £169.69 per month. Total repayment of £1866.59. Interest: £366.59 Interest rate: 46% pa (fixed). APR rates range from 22.3% APR to 112.5%. Credit broker not a lender. Warning: Late repayment can cause you serious money problems. For help visit Money Helper
Our Rates
What Does This Site Charge?
What APR Can I Expect To Pay With Quick Loans?
Interest rates and charges are a tricky subject. Gone are the days when lenders came to the market offering just one rate. Nowadays, lenders will normally offer rates that match the applicant’s status. This means that lenders take the information provided on application forms, compare it with credit reference agencies, and use it to determine if a loan can be given. They then calculate the charges for that specific loan.
In some ways, this is better than it used to be, because borrowers who represent a lower risk of failing to make repayments are no longer subsidising those who have a history of missing payments by choice. More responsible borrowers, therefore, are not paying more to cover the cost of higher-risk individuals.
Each lender we work with will have its own individual rates and risk levels. These lenders have invested significantly in determining the appropriate rates for each type of customer. Such information is a closely guarded secret and is not typically made public. When we submit your application to lenders, we can only inform you whether the application has been accepted and, if so, at what rate.
If you find the offered rate acceptable, you can click ‘proceed’ and complete the process to receive your money. If you do not find that rate acceptable or affordable, you can simply close your browser, and that will be the end of it.
Of course, the cheapest way to borrow money is usually through a bank. Unfortunately, since the downturn of 2008, banks have become more selective, making it more difficult to obtain credit from them (none of the lenders on this site are banks). This leaves those who can’t get credit from mainstream lenders needing to find alternative sources.
“Alternative sources” generally refers to those who charge higher interest rates. There are now caps on certain loan types, such as those shorter than 12 months. There is an ongoing debate as to whether this makes loans cheaper for most people, or simply harder for many to qualify.
What most people will now find, though, is that interest rates available online bear little resemblance to the Bank of England’s base rate of interest.
Different in rates between short term lenders and the Bank of England?
There is a massive difference between the Bank of England’s base rate and the rates of interest that short-term lenders can charge. The Bank of England charges as little as 1% APR, whilst unsecured private lenders can charge up to 99%.
Unlike sites like Quick Loans, the Bank of England’s rate reflects the risk of financial institutions failing and taking the economy down with them. Sites like ours charge interest rates that reflect the risk of the borrower not repaying the money.
We know there are many misconceptions on social media about lenders not offering fair rates. That would be true if we could borrow money from the Bank of England at their rates — but sadly, we can’t. Only banks and high-end mainstream financial institutions can borrow from the Bank of England.
Most sites like this borrow from private financiers and then lend on to customers. The rates these financiers charge are quite high.
That is why rates differ.