Payday loans now and in the future

Payday loans now have their product rating and falls into the ‘Other banking services’ category. For now, we will explaining the product in detail of how it will evolve now and in the future to come. These loans have their own interest capped percentage, currently at 24% per month and 292% per annum. This is calculated to 0.8% interest on capital per day of capital borrowed.

You can borrow payday loans now from £100 to £1,000 with a maximum repayment of less than the double of the capital borrowed. For example, borrowing a £100 loan now till your next payday in the future, let say 30 days, will cost you £24 of interest. The balance due will £124, this balance can never be twice as much of the total you may have to pay whether it is on time or past due date.

Fees incurred from late payments towards your loans is always now capped at £15 per loan account. Payday loans now compared to the past, is more friendly and very efficient to use. The clear terms now have to be displayed on pages that triggers an example for your understanding.

In the future, our conclusion is that these type of loans will continue to be regulated and will always hold certain or more caps to help consumers understanding the risks and most importantly, the costs involved taking out such loans.

Qualify now comes with minimal but multiple criteria's that need to be met in order to get payday loans now. You will need to be over the age of 18, have a UK debit card, UK bank account, full or part time employment with a minimum monthly income of £400 per month.