Credit Unions Vs Payday Loans
21/03/2011
Total repayment due on a £300.00 loan over a 28 day period. based on rates at 1-2-2011. Credit Union rates are provided by ABCUL.
| Organisation | Amount Borrowed | Total Repayable |
| Wonga | £300.00 | £390.00 |
| Minicredit | £300.00 | £384.00 |
| Speedy Dosh | £300.00 | £380.00 |
| Credit Unions | £300.00 | £306.00 |
Payday Loans cost You a Fortune
Instant Loan companies such as Wonga.com who offer short term credit are charging their customers interest rates as high as 4.214%. This means that a Wonga customer who borrows £300.00 over a 28 day period at an interest rate of 4.214% could expect to pay nearly £90.00 back in interest.
At St Helens Credit Union our interest rates are set at 1.5% based on an APR of 19.56% see the table below for some typical loan examples.
| Loan Amount | Loan Period | Total Repayable |
| £100.00 | 52 weeks | £109.42 |
| £300.00 | 52 weeks | £328.30 |
| £500.00 | 52 weeks | £547.18 |
| £1.000 | 52 weeks | £1094.41 |