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Payday Loan Charges | Payday Loan Interest Rates | Olympic Cash

Charges

Explaining how we charge you – and why you should choose Olympic Cash

If you are considering taking out a loan, the first step is to consider the cost of that loan to you before signing anything. We advise all of our customers to borrow only what they can afford to repay. Start off by working out your ‘disposable income’ Then, take away from that the total amount of the loan (plus interest). If you still have enough money left over for every day living, then it is possible that the loan may be the right one for you.

Olympic Cash is an expert lender in the finance industry and every day we work hard to maintain a level of excellence in our customer service. This comes from thoroughly educating all of our customers to ensure that they fully understand what they are getting into.

You can borrow between £80 and £750. It is vital that, before you sign on the dotted line, you carefully consider whether you can pay back the loan when you reach pay day.

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£80

7 days

You pay back:     £352.80
Total loan cost: £72.80*

The UK finance industry is required, by law to display interest rates using a calculated Annual Percentage Rate – which you might recognise as 'APR'.

This makes it easier for customers to compare loans. However, APRs are designed specifically for loans taken over an extended period (12 months or more) and don’t usually take into account non-interest related fees and charges. This means it is very tough to compare pay day loans and standard loans on a like for like basis.

It may appear that the payday loan has a higher APR than the personal unsecured loan, but the repayment period for a persona loan is significantly longer – usually up to 5 years. This means that the fees due over the duration of the personal loan would be 33.2% of the loan value, or an extra £4981.92 for a £15,000 loan.

If you were to compare the payday loan with the 24% charged over a 30 day period against the personal loan, you’d see that the cost per pound you have borrowed is actually lower with your payday loan.


Comparing Payday Loans and Personal Unsecured Loans

Example of a payday loan:

  • £200 for a 30 day period

  • Pay back £248

  • Interest works out at £48

  • The APR would be 1269.7%

For every £1.00 borrowed, £1.24 would be paid back

Example of a payday loan:

  • £15,000 for a 60 month period

  • Pay back £19,981.92

  • Interest works out at £4981.92

  • The APR would be 15.9%

For every £1.00 borrowed, £1.33 would be paid back


Instant cash loans from £80 to £750

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Consumer Advisory: Olympic Cash is a loan matching service. We forward on the details to provide to a third party lender. If approved further information may be required which will be requested once you have been transferred to the lender’s website.

Olympic Cash is not a direct lender we are a payday broker!

Loan terms, conditions and policies vary by lender and depend upon customer circumstances. Late or missed loan payments may be subject to increased fees and interest rates. Loan repayment periods vary by lender also. Lenders may use collection services for non-payment of loans.

Not all borrowers will qualify for a loan. Olympic Cash does not engage in any direct consumer lending, we simply provide a FREE loan matching service to the public.

Representative 1192% APR

Representative Example: 1192% APR variable. £100 borrowed over 30 days would equal total borrowing of £124.00. Actual Interest is 24%.

Note: the APR you pay may differ depending on the lender that accepts you.

Olympic Cash is a trading style of Atlantic Square Limited registered in England and Wales, company registration number SC182075. Atlantic Square is authorised and regulated by the Financial Conduct Authority, reference number 659330. Registered Office Address: Atlantic Square Limited, Homelea House, Quarriers Village, Bridge of Weir, Renfrewshire, PA11 3XS.

*Fund transfer times may vary based on the matched UK money lender, time of day applied and your bank.