The idea behind our payday loan reviews is to sort the good from the bad, to give you, the consumer, an independent and impartial insight into payday lenders across the UK. This Speed-e-loans review will reveal any shortfalls with the said lender, and the advantages they provide over other payday lenders in the UK.
Speed-e-loans operate in the UK. As their name indicates, they provide fast cash loans to meet the most demanding of customers' needs: instant cash to pay for an emergency; to avoid bank or utility late fees; for whatever else you may wish to do with the money. Once your loan application is approved, you could see the cash hit your bank account within 2 hours! This speed comes at a price though. The total amount repayable includes a £4.95 transmission fee.
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Payday loans are a type of short term financing, in effect, it is a cash advance which instead of coming from your employer comes from a lender. Of course, because the lender is a business, they will ask an appropriate price for solving your cash needs with such short notice.
The loan term is generally up to one month, that is, the loan is called a payday loan because it is paid back on the next payday. The typical APR, or annual percentage rate, of 2334% places this lender among the middle of the market. The APR is not a straight forward conversion into your interest rate, also known as Finance Charge. The typical amount repaid on each £100 borrowed is £130 for most customers.
Note that Speed-e-Loans charges interest by day, though, so the shorter you make your payment period the less it will cost you to take out a loan with them. They also have a handy loan tool on their homepage whereby you indicate the amount you would like to borrow plus your next and the following pay date, and they will calculate the exact cost of the loan for you. This means that you will not have to spend time trying to figure out the repayable amount yourself.
When you apply for a payday loan from Speed-e-loans for the first time, the maximum amount that you will have access to is £250. This is because they need to make sure you are able to repay them. They are a responsible lender. Once you successfully repay this first loan, the available amount increases and you can borrow up to £1000.
The minimum loan amount of £100 makes this payday lender unsuitable for people who are only looking for some micro-financing just to bridge the gap between paydays.
Speed-e-loans do perform credit checks so if you have bad debt, then it would probably be better to look for another lender on the market. The website of Speed-e-loans does in fact say that each time you pay back a short-term loan like a payday loan, you can improve your credit rating, and this is a claim which should be taken seriously. Be a responsible borrower: only borrow the money if you know you can repay it back in full, that includes principle and interest charges.
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