Cash Finance Direct is quickly becoming one of the most talked about personal finance companies around. They have been following some really aggressive marketing techniques in the past and a lot of people have posted or written about them in their blogs and internet forums. The core concept is of a personal finance company that will be providing you instant loans that can be repaid within 14 to 30 days. They also have many flexible payment options and you can take more than 30 days to repay the loan. However, in that case, you will end up paying a lot of money as interest. You will be able to obtain quick cash through a mail, an online signup or even through a telephone call. Therefore, people who are really distressed and looking for a good way to find instant cash can come to Cash Finance Direct.
Cash Finance Direct comes from Horizon Finance from Stockport which has previously been engaged in scams related to telephone calls that costed £1 per minute. Now, they are coming with another name and charge £1.50 per minute. It has been reported that people are made to wait for about 30 minutes on the call and then they are disconnected or told that the call could not be completed. Though they talk about refunding this cost as soon as you get the loan, a huge number of people have never seen that coming for themselves. Remember, you will be made to call on a 090 premium number. Some people have even suggested that their sales team is given additional bonuses in order to keep the customers hanging on for 15 minutes or more. Basically, the internet forums are loaded with horror stories of people who were made to wait on the line for really long and charged more than £30 at a time.
Some people even get phone calls from Cash Finance Direct, telling them that they have been pre-approved for a loan. The company claims that these calls are sent only to those people who have shown interest in getting online instant loans. However, the people claim that there were simply marketing tactics and the sales people are nosy as well as pushy when it comes to providing loans to the people. All in all, Cash Finance Direct is nothing but a scam that has been designed by a previous offender in order to lure people and spend their money.
All the loans that we review or recommend all have:
- Minimum period of repayment: 6 months. We do NOT recommend taking any loan with repayment period of less than 6 months, as you will have difficulties paying back
- Maximum period of repayment: 3 years
- Annual Percentage Rate (APR): less than 12%. Any rate higher than this will negatively impact your finance
- Below is an example of the loan mentioned in this article, with a loan amount of $20,000
|Flat Interest Rate||7.50% p.a. (Effective Interest Rate of 14.39% p.a.)|
|Total Interest Charged for the Loan||$20,000 x 7.50% p.a. x 3 years = $4,500|
|Loan amount + Total Interest||$20,000 + $4,500 = $24,500|
|Monthly Instalment||$24,500 / 36 = $680.56|