Representative 1737% APR
Based on a total loan of £275 for a period of 28 days at a fixed rate of £29.95 per £100 borrowed (which is a fixed annual interest rate of 359.40%), the total amount payable in one lump sum payment on your next pay day would be £357.36 and the representative APR would be 1737% APR.
Txt4Loot is a trading name of Inter Financial Limited a UK Payday Loans Broker.
It is important that when you decide to take out a payday loan through Txt4Loot or any other website, that you think about the entire process from beginning to end. Many people get excited by the fact that they can get a few hundred pounds in a day without having to go through a series of qualifications; however, they don’t fully realize what they’re getting themselves into financially. It may be difficult to think about something when you are faced with an emergency, however, not taking the time to think about it could leave you in the hole for some time to come. Every time you find yourself in need of emergency funds that cannot wait until payday you should consider some of the following concerns addressed below.
1. The Reason for Applying – this is one of the first considerations you should have when applying. While most people use the money in what they feel would be an emergency it is very important that you evaluate your need for the funds and how they will be used if approved. While you can use the money for a quick weekend getaway it is suggested that these loans only be used for things such as minor emergency expenses, car repair, or some other financial happenstance. If you cannot justify a real reason for the funds, chances are you may want to reconsider your decision to apply.
2. Requirements for Qualification – while each payday loan company has their own set of requirements you need to make sure that you have everything that you need to qualify for a loan. Knowing this beforehand will save you the trouble of a delayed or denied application. In general you will need to be a UK resident aged 18 or older with a job and UK bank account. You will also need to have a valid email address, a home phone number and a mobile number so the lender can verify your identity.
3. The Amount of the Loan – Before signing anything you should make sure you understand how much it will cost you to take the loan being offered. There are different interest rates for different providers and therefore you should make sure you understand what those rates and fees are before applying to receive the loan. You also want to make sure that you can grasp all the conditions of the loan as well as making sure you understand what will happen if you fail to repay. All of this goes hand and hand with making a decision to apply.
4. The Ability to Repay the Loan – No matter what your personal emergency might be, if you’re unable to repay the loan as agreed, you may want to find other avenues for getting emergency funds. You do not want to take out more money than you can financially manage to repay when the time comes. Extending the loan will start a continual spiral of fees that will stem until the loan has been repaid in full causing more stress than relief.
It is important that you consider all of this when applying for payday loans. By properly borrowing funds and repaying them in a timely matter will ensure that you have great credit worthiness with the lending company and can use them again if the circumstances should present itself again. If you take all of these factors into consideration such cash loans can be great resources for assisting you and your family when you need it the most.
Txt4Loot only deals with responsible lenders who will do what they can to ensure that you meet the requirements and can afford to repay the loan.
Txt4Loot is a trading name of Inter Financial Limited, Mont Crevelt House, Bulwer Avenue, St Sampson, Guernsey GY2 4LH. Consumer credit licence number 0625509 Company number 47014.