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Guaranteed Loans  
Representative Example      Representative 1386.69% APR      Amount of credit: £300.00 for 21 days      Interest: £50.40      Total repayment: £350.40      Interest rate: 0.8% per day fixed rate                                

Costs

> One-off Payment Option
> 2 pay period loan
> Notes
> Deferral
> Other Costs


Before you apply for a loan, use our sliders to select your required loan amount, from £100.00 to £800.00, and the loan duration, from 1 pay period to 5. You will then be shown how much you will have to repay.

Our flexible, short-term loans have a Representative 1386.69% APR. We provide short-term loans while APR is an industry-standard calculation that looks at annual repayment costs. We don't actually charge thousands of % in interest. We will always show the actual APR for your loan period on the Loan Agreement

You are in total control and can repay your loan over 1, 2, 3, 4 or 5 pay periods. On each repayment date you will repay an equal portion of the capital balance plus the interest accrued since the last repayment date.

Example of a £300.00 loan:

  • £300.00 remitted directly into your bank the same day we received in your signed Loan Agreement and supporting documents (09:00am - 16:30pm, Monday to Friday).
  • Interest is charges at the rate of 0.8% per day of the outstanding loan amount. Interest will never be charged on interest i.e. 0.8% per day only on capital, not on capital plus previous interest charge.
  • The following tables show repayments for examples of different loan durations. These tables are for illustration purposes only. The exact amounts will always be shown on your Loan Agreement. The tables are based on the following:
    • Loan amount of £300.00
    • Loan drawdown on the 01st of the month
    • Repayment date on the last working day of each month
    • A period of 30 days between each repayment date
  • 1 pay period loan:
    • One-off payment on your next payday
    • £300.00 capital plus interest at the rate of 0.8% per day (£2.40 per day)
    • 1269.72% APR
    Pay Period Capital Repayment Interest Payment Total Repayment
    1 £300.00 £72.00 £372.00
  • 2 pay period loan
    • Pay period 1: £150.00 capital plus interest at the rate of 0.8% per day (£2.40 per day)
    • Pay period 2: £150.00 capital plus interest at the rate of 0.8% per day (£1.20 per day)
    • 549.17% APR
    Pay Period Capital Repayment Interest Payment Total Repayment Capital Outstanding After Payment
    1 £150.00 £72.00 £222.00 £150.00
    2 £150.00 £36.00 £186.00 £0.00
    Total £300.00 £108.00 £408.00  
  • 3 pay period loan
    • Pay period 1: £100.00 capital plus interest at the rate of 0.8% per day (£2.40 per day)
    • Pay period 2: £100.00 capital plus interest at the rate of 0.8% per day (£1.60 per day)
    • Pay period 3: £100.00 capital plus interest at the rate of 0.8% per day (£0.80 per day)
    • 390.35% APR
    Pay Period Capital Repayment Interest Payment Total Repayment Capital Outstanding After Payment
    1 £100.00 £72.00 £172.00 £200.00
    2 £100.00 £48.00 £148.00 £100.00
    3 £100.00 £24.00 £124.00 £0.00
    Total £300.00 £144.00 £444.00  
  • 4 pay period loan
    • Pay period 1: £75.00 capital plus interest at the rate of 0.8% per day (£2.40 per day)
    • Pay period 2: £75.00 capital plus interest at the rate of 0.8% per day (£1.80 per day)
    • Pay period 3: £75.00 capital plus interest at the rate of 0.8% per day (£1.20 per day)
    • Pay period 4: £75.00 capital plus interest at the rate of 0.8% per day (£0.60 per day)
    • 317.70% APR
    Pay Period Capital Repayment Interest Payment Total Repayment Capital Outstanding After Payment
    1 £75.00 £72.00 £147.00 £225.00
    2 £75.00 £54.00 £129.00 £150.00
    3 £75.00 £36.00 £111.00 £75.00
    4 £75.00 £18.00 £93.00 £0.00
    Total £300.00 £180.00 £480.00  
  • If your find that and you can repay your loan earlier than expected, you could save money. We charge interest by the day so the less time you borrow for, the less you will have to pay back. If you wish to repay early, please contact us. There are no catches or hidden fees.

Notes

  • We have a representative 1386.69% APR and will always show the actual APR for your loan period on the Loan Agreement.
    If you choose to repay the full balance on your next payday with the one-off payment option, it will work out cheaper than repaying on the monthly payment option.

Deferral

  • Under certain circumstances and only at our discretion, we may permit you to defer payment for a month.
  • If deferment is permitted, you will still be required to pay the applicable interest for the month.
  • Capital payments will recommence the following month with the interest accrued.
  • Please note that extending your loan by deferring repayment of capital will cost you more and mean it will take longer to repay your loan. We discourage you from deferring, please try and repay your debt as quickly as possible to reduce charges. If you are in financial difficulties, you should let us know as soon as possible and we can explore new arrangements for you paying off your debt.
  • As responsible lenders, deferral of capital repayments will always be at the discretion of Forces Loans and we will only allow a deferral if we are satisfied that you are able to afford it. We must receive your deferral request a minimum of 5 working days before your loan is due for payment.

Other Costs

  • £15.00 missed payment fee if payment fails on the due date. In the event that a payment is missed, we have the right to charge interest as long as any part of the loan remains outstanding, at a rate no higher than the rate applicable under the agreement. Interest will continue to accrue on your balance at a rate of 0.8% per day (80p per day per £100.00 capital open) from the due date until either payment is received or for a maximum of 60 days if payment is not received or if we can't reach a fair agreement in the meantime. This rate will not be adjusted and you will never pay back more than twice what you borrowed.

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