The term “pay day loan” has been around for more than ten years and is a huge multi-million dollar concern, focusing on those who may not be suitable for a more conventional loan and those who don’t wish to take out an overdraft. Although short term lending (essentially a loan till pay day) has had a long history they could be said to have really got going from high interest bank loans (not actually run by the bank but they acted as an active partner) started in the state of Minnesota. It didn’t take long for the pay day loan to spread across the pond and indeed over the world. For good or bad payday loans are going nowhere.
What Are The Best Rates For Borrowing £200 Over 3 Months?
The best rate at this level is Safety Net Credit at £264 over 3 months; the maximum amount you can borrow being £500. MoneyBoat’s rate is £291.54 over 3 months; you can borrow up to £800 here. Note that you may have to pay late fees of £15. Satsuma translates the amount as £295.30 over 3 months and you can borrow up to £1000. Like Safety Net they have no late fees. MyJar make the rate £298.44 over 3 months, going up to as far as £3,600. Finally Wonga give the repayment rate of £305.43 over 3 months and you can borrow up to £500. Whether people would recommend Wonga, given their history they remain better than many of their competitors might be a strong discussion point.
Apart From A Good Rate, What Do Borrowers Look For?
It seems strange that the best rate isn’t the borrower’s first priority but like any customers they go for names they have heard of, including those who trade on the high street. This may be why people may prefer names like Wonga or 118 Loans over such names as Safety Net or MoneyBoat. It’s always best to do your own research and calculate how long it will take to borrow your selected amount over your chosen period of time, the rate at borrowing for £200 may not be that relevant for you. You will also need to take notice of the various terms and conditions, including whether late fees apply. It is always a good idea to act hastily but to do some research before setting up any sort of loan, a pay day loan especially.