Comparing loans can be quite complex; with different types of payment, and amounts with different lengths of repayment it can all get very confusing. The finance industry is required to use the APR (Annual Percentage Rate of charge) to make comparing loans simpler.
While this can work for longer term loans like those from a bank because they are based on a 12 month term or longer, the use of APR can make shorter term weekly payment loans like ours look less favourable in comparison. This is because more traditional lenders don’t include things like fees and late payment charges in their APRs which make them appear much lower than ours. Also, unlike our cash loans, credit on cards can be subject to interest rate changes while you’re still paying back the balance.
The interest rate will never change during the course of your loan so you always know where you stand
Your weekly payment is the only payment and it includes the service charge for your weekly agent visit.