Instant Loans Direct has a partnership in place with the H&T pawnbroker; this would essentially make H&T the lender, but as I am aware H&T only provide payday loans when you visit their stores and so Instant Loans Direct will receive the lender title here. Instant Loans Direct only launched in October 2010 and so is still relatively fresh faced in the payday loan space. When I visited the site, a payday loan calculator was provided whereby I could select the specific day I would like the loan for, but this was merely used as an example of their rates and this selected loan term did not transfer to the application form. I assume the term would last for a full month although they state that you can pay early to save interest. New customers are granted £300, with returns receiving up to £750. Minimum loan would be £100.

Instant Loans Direct’s biggest quality is their extremely low interest payday loan rates that for a £100 loan for 30 days would cost just £15 and this is with a free fast transfer. There will be a credit check here and there is no mention of these loans being faxless and so supporting documentation may be required. There was a note in the FAQ that all you have to do to repay early and save interest is to login to your account and make the change, but there was no such login page on the site at all (perhaps they are working on this). This new loan service, based in the West Midlands, really does look the part and with a few tweaks in the future such as being SSL secure, joining a payday loan trade association etc could push them ahead as being a major payday loan contender. I will certainly be keeping an eye on their progress.

Charges for a £100 Loan:
Charges: £15/£100 interest + £0 transfer fee

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