In looking at some of the benefits of a Buddy Loan, one benefit is that having bad credit is acceptable in being approved for a Buddy Loan.
Having no credit is not a problem either.
Another benefit is the fact that a Buddy Loan can be flexible in the terms used to calculate the monthly payments, making the loan more affordable.
Using our loan calculator you can select the loan amount you need to borrow, anywhere from £1,000 to £7,500, and you can also select the term of the loan, from 12 months up to 60 months (5 years).
An example may be you wish to borrow £1,000 for a period of 12 months.
Your monthly payments would be £103.06 (total repayable £1,238.49 based on a fixed interest rate of 41.16%, Representative rate 49.9% APR)
Should you wish to borrow £5,000 for a period of 36 months, your monthly payments would be £243.96 (total repayable £8791.43 based on a fixed interest rate of 41.16%, Representative rate 49.9% APR)
This flexibility allows you to tailor the monthly payments on your loan to be within your range of affordability.
This flexibility coupled with the competitive interest rate, which is much lower than many other forms of borrowing and bad credit loans, makes a Buddy Loan the best loan option available for those seeking a quick and affordable loan, for whatever purpose.
By using our loan calculator you can see what your monthly payments will be and if this fits into your budget.
Minimum period for repayment: 12 months | Maximum period for repayment: 60 months | Minimum APR 49.8% | Maximum APR 49.9%
Representative example: Amount of credit £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR (Variable). 36 repayments of: £158.57.