Payday Loans vs Credit Union Loans
20 February 2023
Payday loans are short-term loans for small amounts of money and have very high interest rates. They may appear as a quick and easy solution to tide things over until payday....Please STOP and THINK before you apply for a Payday loan:
-
How much interest will you pay?
-
Can you pay the loan back within the agreed time?
-
Are you aware of late payment fees?
-
Have you considered other financial help options, such as your local credit union?
-
ALWAYS make sure your lender is approved by the Financial Conduct Authority.
We researched some Payday loans only to discover some are offering short term loans as high as 89.9% APR and more! See below for a comparison of our Standard 5K Loan vs two Payday loan products.
Payday Loans Comparison
|
Harp & Crown Standard Loan up to £5K Example: £1200 over 18 months 12% APR: Total £1317.21 to pay |
12% |
|
THL Direct Payday Loan Example: £1200 over 18 months 49.9% APR: Total £1628.28 to pay |
49.9% |
|
Harp & Crown Standard Loan up to £5K Example: £1000 over minimum 18 months 12% APR: Total £1097.68 to pay |
12% |
|
Sunny Payday Loan Example: £1000 over 18 months 89.9% APR: Total £1853.43 to pay |
89.9% |
*rates correct as of 19th February 2023.
Contact your credit union FIRST for ethical and safe financial services.
Remember we offer lower interest rate loans with no extra fees, flexible repayments options, and we can look at ways to restructure your loan repayments if they become unaffordable.
We are here for YOU.
Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.
Or call into our new office at Newforge.
“Save regularly and borrow only what you need”.
The Harp and Crown Credit Union provides safe, secure, flexible finances for the wider police family in Northern Ireland.
