What Is It That I Should Be Aware Of About Speed-e-Loans Before Applying For A Payday Loan?

Posted by Diana Lim

July 29, 2010

Speed-e-Loans is one of many businesses in the UK today that are offering a type of financing called pay day loans. 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. That makes this lender perfect for emergency situations where you need the money fast. If you want to compare different UK lenders, visit this site: Review on Speedeloans.

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. This will come at a cost, of course, as they are doing business and are providing a service you would otherwise be hard-pressed to solve.

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. But when you have repaid your first one, the next loan can be up to £1000.

If you are looking for only a small amount of money to bridge the gap between two pay days, then this lender is probably not the right one for you. They only offer loans beginning from £100.

Also, if you have a bad credit record, then Speed-e-Loans might not be for you. They perform credit checks on all potential borrowers. Yes, their web site does state that every time you do repay a payday loan, your credit rating will improve, but this statement should be taken with doubt.

The WhichPaydayLender.co.uk Team has written this review on speed-e-loan for you.

To read more about this lender, click here: speedeloan review.

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