We encourage responsible lending, offering a personal service that looks at each application individually and only accepting customers if we feel it is right for their financial circumstances.
London, UK (PRWEB) February 6, 2010
A new UK-based finance website launches today giving cash-strapped consumers quick access to money when they need it most - and in some cases, at a lower cost than the Banks.
The ethical Speed-e-loans.com offers two services to help the cash-conscious consumer. The first is a Payday Loans service. Often portrayed as an expensive way of getting a quick cash injection when you need it, borrowing money this way can sometimes in fact work out cheaper than using a bank overdraft.*
If accepted for a payday loan, consumers can initially borrow from £100-£250, with the money often being in their bank account within 2 hours - or at the very latest, on the next day. This money is then typically repaid on their next payday, together with any fees and interest, in some cases saving them nearly 100% on what a bank may charge in overdraft fees*.
It can all be done online, so it is eco-friendly too.
The second part of their service is the Speed-e-card.com - a prepaid MasterCard that is used like a normal credit or debit card, but with no late fee or interest charges. It is unique in that speed-e-loans payday loans can be loaded onto the card, once it is activated. Customers also get a free e-bank account, so can use the card as they would a bank account, having their salary loaded on to it and managing bills online.
Gary Miller-Cheevers from the site says: "We saw a gap in the market for an alternative to banks that can no longer help their customers with certain financial needs. With our two services, we believe we offer an ethical, eco-friendly and transparent choice that gives customers control over their money.
"We encourage responsible lending, offering a personal service that looks at each application individually and only accepting customers if we feel it is right for their financial circumstances."
*Someone borrowing £125 for 20 days from Speed-e-loans.com would repay this amount plus £27.29 in interest and £4.95 in transfer fees = £157.24 in total to repay. If the same person went overdrawn on their Lloyds TSB bank account without prior agreement, to borrow £125 for 20 days would cost them £200 in charges (£20 per day for 10 days) = £300 in total to repay. For more comparisons, please click here: http://www.speed-e-loans.com/high-street-banks.html
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