If you are reading this you have been redirected by Leeds City Council from a payday lenders website.
We have done this because payday lenders, although offering a quick source of cash, often cause greater financial problems.
If you can't pay on the due date, they will roll the loan over for up to 3 months, but they'll then hit you even harder in the pocket.
A typical payday loan from a prominent Payday lender of £200 over 30 days would cost £267 to repay in one lump sum. If you have to roll it over for up to 3 months, your debt will rise to £470.
There is an alternative
A £200 loan from Leeds City Credit Union could be repaid over 19 weeks at £13 a week (+ final £8 payment) making total payments of £242.
Typical interest rates charged by Payday lenders can be in the range of 500% APR to 5,000% APR. The MAXIMUM interest rate charged by Leeds City Credit Union is 26.8% APR, isn’t that what’s called a “no brainer!”
If you are having money problems, details of sources of free, independent local advice can be found in the Documents section on this page.