LEEDS, England--(BUSINESS WIRE)--Recently launched payday loans company, Cash Window, has today published data to separate the facts from the fiction when it comes to myths surrounding short-term borrowing.
With conversations around payday loans being such a hot topic in the media, Cash Window aims to dispel these falsehoods, allowing customers and the concerned public to make informed choices and better understand payday loans.
Cash Window has carefully explained in the interests of clarity with customers, the methods and processes involved in borrowing a short-term loan, along with the facts about interest rates and repayment terms.
One of the biggest money myths is the concept of APR, and why it appears to have a four-digit percentage in other TV ads. Displaying the figure given is a government requirement on all money-based advertising, but should not be applied to a loan which is intended to be repaid within a month, as it can substantially skew the numbers.
Another prevalent misconception is that companies like Cash Window would lend to anyone despite their circumstance, in order to make their profits from accruing late charges. Cash Window is arguing that this couldn’t be further from the truth, as they rigorously scrutinise a potential borrower’s ability to pay back the amount before agreeing to anything. In addition, they do not charge any hidden fees, taking care not to lend to anyone who is already experiencing financial difficulties.
Gary Miller-Cheevers, Director of Unsecured Lending, stated: “What is much more relevant is how much the loan costs, and what happens if the customer cannot pay back on the date they originally selected. That information is clearly shown to every Cash Window customer before they start the application process.”
Cash Window believe that it is crucial for payday loans companies to have values in honesty, transparency and integrity when dealing with customers who are looking to borrow money. Cash Window is a new website in the financial services space which supplies short term loans, but its parent company, Albemarle Bond PLC, has a long heritage in this sector.
To view all the data released by Cash Window, visit www.cashwindow.co.uk.
Notes to Editors
Cash Window has nearly 200 shops throughout the UK and operate online, in store and on mobile. Phone lines operate 9:00 – 17:30, as do most shops.
Cash Window is the new online arm of Albemarle Bond PLC, whose heritage dates back to 1840. Also just to clarify the 1840 is Herbert Browns start date.
For more details visit http://www.cashwindow.co.uk.
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