In responsible borrowing the shortapproval.co.uk loans must explain to the borrower exactly what the loan costs. In the example from above, the lender must tell the borrower that the finance charge is 25 pounds for every 100 pounds borrowed.
Therefore the loan and the finance charge will be due on their next pay day and the amount due will be 375 pounds; 300 pounds for the principle and 75 pounds for the finance charge. This example could easily serve as the real life example that must be posted on the lender’s website. The lender is charging 1800% APR and that is posted on their website.
Payday loans can help but are not a long term solution, for that you will need to address your finances and seek advice.
In taking all of these steps as outlined above, this short approval.co.uk company is definitely practising the right principle of responsible borrowing.