Here at QuidCycle headquarters, we welcome the news that from mid-July, Google is planning to ban any pay-day loan adverts. However, we do wonder whether this will be enough of a deterrent for those in financial dire straits who see this kind of borrowing as a viable option. Even though, long term, this kind of borrowing becomes a noose around the necks for many because of the high levels of interest having to be repaid, many see this as a plaster to wound, rather than looking for long term solution to a growing problem within the UK.
Our passion at QuidCycle is to look at long term solutions that lead to financial freedom. We want to see people come to the point where they understand money, learn how to manage their finances well, and how they can confidently make money work for them. We want to see our Borrowers achieve financial freedom quickly and free up cash to start investing, all whilst making a positive impact on others. For those who have found themselves owing money at unnecessarily high interest rates, we have a refinancing solution! With a representative APR of 6.2% , Borrowers are given the chance to refinance at a better rate and in addition, QuidCycle give them the tools they need to get more out of their money in order to achieve financial freedom. Why pay a high rate on credit cards, store cards and payday loans when you could refinance, free up cash and start investing instead?
Let’s use the example of a customer who has a £5000 credit card bill with a 24% APR and a £5000 personal loan with a 19% APR. With a monthly repayment of £457, these bills would be cleared in three years and would result in a total payment of £6450 in interest and £16,450 overall. Now, without doing anything glaringly different, the Borrower could refinance their outstanding credit with QuidCycle, at 6.2% and only be paying a total of £1977 in interest and £11,977 overall! That is nearly £5000 saved in interest!
It really is that simple. Visit us now at http://www.quidcycle.com/borrow to see how we can help. Please remember that capital is at risk when investing with P2P.
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content. Please note that the rates provided for refinancing are representative APRs only and rates provided to you will be dependent on your individual circumstances at the time of applying.