Securing a payday loan can be a daunting endeavor, especially for a first-timer. The various stigmas attached to the concept of payday loans might add to your sense of unease. Here is a break down of the common myths circulating about the payday loan industry:
Payday loans charge a ridiculously high rate of interest
By providing an unsecured loan to a customer in need, an online payday lender is at considerable risk. Therefore, the interest rates charged by payday lenders are higher than those charged by banks. However, the interest rates of payday loans are very reasonable, at approximately £25 for a payday loan of £100. Also, the interest rate on a payday loan is dependent on the duration of the payday loan taken, and the faster the payday loan is repaid, the lesser will be the…
There are stories of exemplary courage, talent, fortitude, grit and dedication emerging from all corners of the globe. We are in awe of these amazing people, and draw inspiration from each of these stories in our everyday affairs. Through our blog, we will introduce to you every week the person we believe deserves to be honored. We hope Lending Stream’s ‘Person of the Week’ is an inspiration to you as well!
From our experience, we gather that our customers are often at wit’s end trying to figure out how to repay their payday loan in full, which can be a significantly large amount considering their current state of finances, on the repayment date. We understand that there was a need to repay loans in easy instalments every month, thus helping manage monthly budgets in a more relaxed manner. To this effect, Lending Stream has created its Relaxed Repayment Plan (RPP) that offers customers the option of lower monthly repayment amounts.