Never a fee for arrangements or administration!
Open Door Loan never charge extra or hidden fees for services. Contrast this with other payday loan providers throughout the UK, and you'll see why Open Door Loan leads the industry. Our charge structure is simple and straightforward: thirty pounds for every one hundred pounds borrowed. The loan is due on the next pay date. Even though our service is quick, instant & online, we never hit you with a hidden service fee.
The following chart illustrates the amounts you borrow and repay.
|You Borrow||You Repay|
Many banks charge up to £20 daily for overdraft fees. We don't charge a daily fee. One notorious case of fee gouging was reported in the Times on July 22, 2008, when a bank charged a student £800 for being overdrawn by eight-pence !
Regarding our APR…
Let us explain why our typical APR of 1582% looks bigger than it actually is. The annual percentage rate (what APR stands for) scales up our average 25-day loan to one year, which has the effect of making the loan seem much more expensive.
Don't be misled by the published APRs of other payday loan providers. The government has issued clear regulations and guidelines regarding APR calculations. Open Door Loan strictly follows these rules as we individually calculate and clearly state the APR of each loan.
Our quick, instant & online loan service is offered without any hidden fees or administrative charges. We do reserve the right to levy a charge when a customer defaults on a loan. This charge helps to pay for the additional administrative expenses we incur to recover the amount due.