Pricing Examples
SCML will never lend more than you can afford to repay – we look closely at your financial situation.
Personal Loan Interest Rate: 32% variable APR
The interest rate is charged on the declining loan balance - in other words once you have made your first repayment the interest charge decreases. The applied interest rate is shown on the table below*
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A one-off administration charge of 5% of the total loan is payable upfront either in cash or added onto the personal loan. (For example if you take out a loan of £300 you will have to pay £15.00)
Loan Amount | Frequency of Payments | No. of Payments | Payment Amount | Applied Interest Rate | Interest Charged | Admin Fee | Total to pay back to SCML |
£300 | Weekly | 31 | £10.03 | 12.58% | £10.93 | £15.00 | £325.93 |
£600 | Monthly | 18 | £39.26 | 23.67% | £106.68 | £30.00 | £736.68 |
£1,500 | Monthly | 24 | £79.22 | 26.7% | £401.28 | £60.00 | £1961.28 |
* Because we calculate the interest on daily balances, the regular payment and interest charged on your loan may vary slightly from this illustration.
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Loans are repaid either on a monthly or weekly basis by Direct Debit from your own bank account.
Tel: 0845 389 9494