What are quick loan drawbacks?

  • Borrowers must be aware that the interest for a payday loans can be very high, when compared with other types of credit that are not available as quickly.
  • Borrowers sometimes begin to rely on fast loans, and the costs involved can quickly eat up a paycheque, making it even more difficult to pay bills the next month. This results in a never-ending bad cycle of loans and borrowing just to get through the month.
  • Sometimes a quick loan can come with hidden charges and credit fees and most will charge penalties for non-payment. These charges can add up fast, so make sure you are clear on all your lender’s terms when you sign up for a loan. Here at Moneyboat, we make our charges clear from the outset and encourage borrowers to read our terms thoroughly. We also never charge for early repayment. This is what we consider to be great service.

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We do all we can to bring you interesting, practical and valuable information. However, please understand the following:

  • Moneyboat.co.uk are in no way connected or affiliated with the application or affiliate links mentioned in this or any article. We do not receive any commission and are not responsible for any charges that may result from any free trials or paid subscriptions.
  • Moneyboat.co.uk does not provide medical advice It is intended for informational purposes only. It is not a substitute for professional medical advice, diagnosis or treatment. Never ignore professional medical advice in seeking treatment because of something you have read on the site. If you think you may have a medical emergency, seek medical advice immediately or dial 999.
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If you feel that any of the information published on our blog is not accurate, please notify us via email at thecrew@moneyboat.co.uk.

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.