Updraft

Superhoopza

DrEskimo said:

Superhoop91 said:

Updraft are pretty good. Offered me a loan despite having a high amount of debt (+£15k) and maxing my credit cards. They offered a loan of £1500 at 25.9% over the two years so around 12% APR which is far better than I could get anywhere else. I'm waiting to make six payments with them to try and get an increase on the loan to allow me to target clearing debt with higher interest.

Are you sure it's not 25.9% APR? Or even worse 25.9% fixed rate?

I have never seen a loan company represent it's interest in the manner you describe.

Yes I'm sure, £421 interest on a £1,500 loan over 2 years.

[Deleted User]

That makes the APR around 25.9%.

You don't halve the APR just because it's over 2 years. The APR remains static.

Double check your plan of clearing the most expensive rate first, as you may well be clearing lower rate debt.

DrEskimo

Superhoop91 said:

DrEskimo said:

Superhoop91 said:

Updraft are pretty good. Offered me a loan despite having a high amount of debt (+£15k) and maxing my credit cards. They offered a loan of £1500 at 25.9% over the two years so around 12% APR which is far better than I could get anywhere else. I'm waiting to make six payments with them to try and get an increase on the loan to allow me to target clearing debt with higher interest.

Are you sure it's not 25.9% APR? Or even worse 25.9% fixed rate?

I have never seen a loan company represent it's interest in the manner you describe.

Yes I'm sure, £421 interest on a £1,500 loan over 2 years.

As above, the APR doesn't get divided by the term. Your loan is being charged at 25.9% APR, not 12%.

Superhoopza

Yeah good point, my apologies. It's still the lowest of my debt providers but not as low as I thought. I'm going to post about another option I have on the loans page