Low cost loans

If you borrow £200 over 52 weeks this table shows how much you will pay back each week and how much interest you will pay:

Updated 25/08/2016

Type of loan

Rate of Interest

Amount of interest paid

Admin fee

Weekly payment

Total amount paid back

Budgeting loan

0%

£0.00

 

£3.85

£200

Discretionary Social Fund loan

0%

£0.00

 

£3.85

£200

Five Lamps

89.9%

£72.48

£10.00 deducted from offer

£5.24

£272.48

South Bank Credit Union 12.68% £13.19   £4.10 £213.19

Doorstep lender

272.2%

£164.00

 

£7.00

£364.00

Stop Loan Sharks 

Stop Loan Sharks, part of the England Illegal Money Lending Team, investigate and prosecute loan sharks. They are the lead organisation in England with the power to prosecute loan sharks and illegal money lenders. Since 2004, they have helped over 26,000 people who have borrowed from loan sharks. If someone is lending you money they must be registered with the Financial Conduct Authority. You can search their database to see if the lender is legal or call on 0300 555 2222.

For more information or to report a loan shark, visit the Stop Loan Sharks website