What are quick loan disadvantages?

Quick loans are convenient and relatively easy to get. As a result, they are also more expensive than some other types of credit. Interest rates can be high and charges and fees are often added for late payment.

Quick loan lenders also tend to offer smaller loan values than banks and other personal loan providers who allow repayment over a longer period of time. Therefore, quick loans might not be suitable for you if you need to access more than around £1,500.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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