Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

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Representative 305.9% APR. Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable)
We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender. moneybolt Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd. for the purposes of obtaining a loan. LoanLoad does not provide any loan or consumer credit products directly.

Unsecured Loans

Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Loans subject to status. Over 18s only. Minimum loan amount may apply.
Rates from 4.5% APRC to 65.2% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable

Why people choose us

Low Representative APR

APR takes into account the amount of interest that will be charged to you for borrowing a certain amount of money.

Fair, Fixed Interest Rates

We won’t try and fool you by luring you in on a low-interest rate only for it to change later.

Potential to Payoff Your Loan Early

Some lenders and brokers arrange loans with flexibility at the centre of what they do.

We can Arrange Loans up to £25,000

Apply today and the loan you are looking for could be arranged by our lenders or brokers within a few minutes.

Payday Loan calculator: Understanding The Costs

Are you considering taking out a payday loan but you are not sure whether or not you can afford it? You also don’t know the different fees and charges when availing for this type of credit. You want to make sure that you can make the proper payments at the exactly agreed time. Indeed, the cost is an important factor that anyone should look at when applying for a payday loan. You want to know how much you are going to pay. Especially for a certain amount of credit, so using a payday calculator would do wonders.

The Loan Calculator

Nominal Interest Rates and Annual Percentage Rates (APR) are terms that you might encounter when taking out a payday loan. For an ordinary person, the true meaning of these words can be downright confusing. Many online lenders provide customers with an interest rate and APR calculator that will help provide clarity on the matter. All you need to do is to enter the amount of the loan that you wish to take out. The amount you will pay each month, and the number of months in which the loan will be due. Then you will get an accurate number of a number of costs you will have to bear. In general, the calculator will help you work out:

  • The fees you will pay.
  • The total amount of cost you will incur in taking out the loan.
  • A number of repayments you will make.

You might ask what kind of formula a calculator for payday loans use and the answer would be varied depending on the lender and the type of calculator they provide to their customers. There are calculators that utilise the Newton-method to calculate the interest rates. However, whatever method it may follow, calculators are typically easy and straight-forward to use and you would get an accurate figure of the actual cost without much help.

The Reason Behind Payday Loan Rates

Normally, people would be hesitant to take out payday loans primarily because of the cost of the fees. Taking out a £100 payday loan would typically charge you £35 or a 35% in interest rate – something that you just won’t see in other forms of credit. However, payday loans are short-term loans which mean you will just have to pay the interest rates once, usually in your next payday, and after that, you are relieved of any form of payment. Instalment loans, on the other hand, offer much smaller but recurring interest rates that you will have to pay every month for a year or so.

Also, if you consider the fact that payday loans are unsecured (they don’t require any form of collateral) without credit checks, all the risk rests in the lender. Thus, on the part of the lender, putting a hefty interest rate in their services would justify the huge risk that they are taking. Lastly, taking out a payday loan is so quick and easy – requirements are minimal and payouts can take less than 24 hours to accomplish, that many people are just willing to take it despite the costs.

Why Payday Loans Use Annual Rates

You might ask why the cost of payday loans are measured annually through the APR when it would only require you a month or two to pay back the interest rate? This is because payday loan lenders are legally obliged to show the APR when they advertise their loans. This simply means that the APR is not an accurate measurement in displaying the actual cost of taking out payday loans. An APR of 400%, for example, is simply misleading because there is no such thing as a payday loan that takes a year to payout. Nevertheless, the APR is only used as a standard for comparing different credit offers but not the actual figure of costs that you will bear once you take out a payday loan.

Comparing the Costs

The payday loan calculator will also allow you to compare different costs from different payday loan offers. Here are some of the things that you might want to consider when choosing a product from a payday loan lender.
Annual rates are huge but the actual cost in taking out the loan is low
Customer service must be as quick as the application process itself

There are no hidden fees and charges

So before you take out a payday loan, keep in mind that you can use a calculator to measure the exact costs that you will have to bear. This way, you will know whether or not the loan is ideal for your financial situation. Affordability is an important factor that you must always consider when availing for a payday loan especially if you want to avoid suffering the possible costs of missed payments.

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Get matched with a qualified lender today!

You will need to be over 18 and a UK resident with a valid UK address. You must also have a monthly income (from benefits or a job) and a UK bank account.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

3 most recent personal loan reviews

Review of Avant

The online application is fast and efficient! I was hesitant about "linking in" to my online bank account......However this made the whole application process far quicker! I can honestly recommend Avant - especially if you are worried about being judged on any previous credit history problems......Avant didn't do that! Just a thorough and fair service with good APR.

Review posted by Trevor Donahue, Derry

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Lending Works

Seamless and fluent from application to funds available. Outstanding rate, not match-able anywhere! I can't recommend any higher! Thank you, greatly appreciated and very happy customer.

Review posted by Mark Phillips, Portchester

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Zopa

I do have to say one of the best loan sites i have come across, they make everything so easy, with not very good credit history i did't think i had a chance but they accepted me and i can get my life back on track. Thank you again amigo loans.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All Reviews have been acquired from https://uk.trustpilot.com/ to guarantee authenticity.

MONEYBOLT IS A CREDIT BROKER AND NOT A LENDER. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.

YOU MUST MAKE ALL AGREED PAYMENTS TO AVOID LEGAL ACTION. If for any reason you will be unable to pay the agreed instalment then contact us immediately. Do not ignore the issue as a default payment will not solve itself.

NEVER BORROW MORE THAN YOU CAN AFFORD. Defaulting on payments can lead to serious and life changing financial issues. Make sure you only accept an agreement that is within your ability to repay.

MoneyBolt.co.uk is a registered trading style of Serpable Ltd, which is an Introducer Appointed Representative of Quint Group Limited and is entered on the financial services register under the reference number 780328. Quint Group Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450. Serpable Ltd is registered in England and Wales (Company number: 10699069), Registered Office, 17 Collingbourne Avenue, Bournemouth, Dorset. BH6 5QR.

Scam Alert – Beware of impersonators, we will NEVER EVER ask for upfront payments, transfer fees or vouchers to guarantee a loan