If you borrow £250 twice a year and repay each advance over 4 months, our charges look pretty good!
Near-Prime Credit Cards
This is an illustrative calculation of the charges one would incur on a range of products by borrowing £250 twice a year under the same repayment terms offered by Creditspring. We recommend that you check the actual charges you may be currently paying on such products as they may be different from the representative examples in the chart.
Near-Prime Credit Cards: Estimated using an indicative APR of 39.9%. The cost has been calculated by applying the equivalent monthly interest rate to the outstanding monthly balances.
Arranged Overdraft: In the case of Barclays and Lloyds, the cost has been estimated by using the fee structure used by the banks. For HSBC and RBS, the cost has been calculated by applying the equivalent monthly interest rate to the outstanding monthly balances.
Unarranged Overdraft: This is the average of the unarranged overdraft fees that would be charged by Barclays, HSBC and RBS. The fees have been estimated by multiplying the maximum monthly charge of each of the three banks by eight months.
Payday Loans: Estimated using a daily interest rate of 0.8%. Applied to the outstanding monthly balances.
All information accurate as of 12th February 2019.