One of the cheapest payday loan providers in the UK has today announced that it will be offering 0% short-term loans; in what is thought to be an industry first in the UK.
A payday loans website has today announced that it will be offering new customers interest free short-term loans, in what is set to be the first ever UK payday loan at a 0% interest fee. In contrast, most payday loan lenders charge an APR of over 1000%; with the links of Wonga charging as high as 4000%.
The first 0% short-term payday loan, launched by www.InstantLoansDirect.com, will be available for an 8 day period prior to every month end, starting in November 2011 and running at the end of each month until March 2012.
The site pinpointed the day in each month whereby payday loans were most frequently applied for, and so decided to launch the 0% short term loan to help those at a time in the month when they seemed to most struggle financially.
The dates on which the 0% loans will be available and the dates by which each would need to be repaid, are as follows;
Apply from 12:00am on 23/11/11 - Pay back by 11:59pm on 30/11/11*
Apply from 12:00am on 24/12/11 - Pay back by 11:59pm on 31/12/11*
Apply from 12:00am on 24/01/12 - Pay back by 11:59pm on 31/01/12*
Apply from 12:00am on 22/02/12 - Pay back by 11:59pm on 29/02/12*
Apply from 12:00am on 24/03/12 - Pay back by 11:59pm on 31/03/12*
*Date the loan must be paid back by in order for it to remain interest-free. After this time and date, an interest rate of 50p per day for every £100 borrowed will apply for the 8 days and each day thereafter.
Every new customer who applies for a short-term loan on the site (and is accepted) for the 8 days prior to each month end can get a minimum of £50 and a maximum of £300, but this must be paid back by the end of the 8 days in order for the 0% APR to apply. Terms and conditions will apply and more about the interest free short-term loans can be found here.
Giles Coutts, founder of InstantLoansDirect.com, spoke about the interest free loans;
“Whilst many people are wary of instant loans, people are applying for them and relying on them and that’s a fact we can’t ignore, especially with banks reluctant to help out and the general cost of living going up. That is why we are trying our best to go above and beyond, by offering the UK's first 0% payday loan.
“Some critics kept on about how high the APR is of major payday lenders, but we launched with our service earlier this year with an APR that blew our expensive competitors away. Now with our 0% pay day loan, we hope this will make people realise that Instant Loans Direct.com is a serious player in this market.”
“Customers can apply for up to a £300 loan for 8 days, which they will then pay back by the end of that period. We’re hoping we can help consumers at a time when they might be struggling financially and that our 0% interest free short-term loan will be a quick and easy solution to their problem. We hope customers can see that not all payday loan companies are out to make a quick buck and hope to highlight the usefulness a payday loan can provide. Most importantly for the customer, they can take our 0% interest free payday loan, knowing it won't cost a penny more, giving them piece of mind if they need an emergency loan.”
The interest free loans on offer from November 23rd 2011 will be an opportunity for customers to pay back the same amount that they borrowed, with no added costs. Terms and conditions of the interest-free loans from InstantLoansDirect.com can be found here.
For more information, or to arrange an interview with Giles Coutts, please contact Shannon Haigh of 10 Yetis PR Agency on 01452 348211 or e-mail Shannon@10yetis.co.uk
Instant Loans Direct is a ground-breaking online loans service based in the West Midlands, that aims to provide customers with fast access to short-term personal loans with brilliantly low interest rates; when compared to other market-leaders and lenders, Instant Loans Direct has one of the lowest interest rates going, almost 10 times lower than Wonga.
Launched in July 2011 and founded by Giles Coutts, Instant Loans Direct has an exclusive partnership with a large PLC, H&T pawnbrokers, in order to provide consumers with payday loans that have such a low interest rate.
Customers borrowing through Instant Loans direct pay 50p interest per day for every £100 they borrow. The maximum amount available via Instant Loans Direct is £300 and the lending period is a minimum of 4 days and a maximum of 30 days. Rates can be compared to other lenders here.
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