Banks Charge More for Short-Term Loans than Payday Lenders
State-backed banks are charging more for short-term borrowing than payday loan companies, according to an article in the Daily Mail.
The article states that “LloydsTSB charges an eye-watering £216.32 for someone who goes overdrawn by £150 for ten days without permission.” Instead of overdrawing your account and incurring these charges, you could borrow £150 from QuickQuid for four weeks and pay a finance charge of just £44.25.
Chris Tapp, director at Credit Action, says, “People don’t realise how expensive unauthorised overdrafts can be, as they don’t have to display the annual percentage rate (APR) which shows the true cost of borrowing.”
QuickQuid treats its customers fairly by clearly stating the APR associated with its fees. Not only are banks less transparent, but they also charge more for unauthorized overdraft fees compared to the cost of borrowing a payday loan.
Remember, a short-term loan from QuickQuid can be a convenient alternative to expensive overdraft fees, late fees or service reconnection fees. Consider QuickQuid the next time you’re faced with an emergency expense.
