Our Charges
Is there any charge to apply for a loan?
- We do not charge any administration fees to set up the loan.
- In order to transfer money the same day, charges may apply. Charges for same day payment are up to £20.00 which would be deducted from the loan amount deposited.
- If you are happy to wait for funds to clear in your account, which may be up to 3 / 4 days, there is no cost.
- Charges will not apply if you decide to roll over the loan at the end of the month.
What is your charge for borrowing money?
Our charge for credit is 30 pence for every 100 pence borrowed. If you borrow £100.00, you would simply repay £130.00
Further charges may apply if you default on your loan and do not repay your loan on the agreed date. Full details can be found in the terms and conditions.
Representative APR 2339%
Why is your APR so high?
APR’s are calculated based on paying a fixed amount of interest in a 12 month period. Loans taken from us are for a maximum period of 31 days.
We show the interest payable using the APR principle (Annual Percentage Rate) despite our loans being offered for a maximum term of 31 days. Therefore our APR rate of 2339% does look very high when compared to other loan rates on the high street.
To find out more about the APR charges, check out the article 'Cash Genie Explains High APR for Short-term Loans' at: http://www.cashgenieblog.co.uk
