Complaint Review: Cannon-Finance-Kwikcash-Harbour-Finance

KWIK CASH (MONEY GAP GROUP LIMITED)

Money Gap Group Limited: 
- Is a company registered in England and Wales with company number 6617413.
- Registered Office: 28-32 Wellington Road, St John’s Wood, London, NW8 9SP, England.
- Authorised and regulated by the Financial Conduct Authority and we can be found on the Financial Services Register with Interim Permission Number: 626678.

Charges

It’s free to apply with KwikCash. We won’t charge you a penny, whether you’re accepted by all the lenders we put you through to, just some or even none of them.

Lenders charge different amounts of fees and interest. If you apply with Compare Payday, you’ll be able to see how much each lender that is interested in your application charges. You can also go and check out their website and the offer itself without being under any obligation – you won’t need to accept the loan and you won’t receive any charges at all.

In order to give an overall idea of how much you’re likely to repay when you take out a payday loan, our representative example shows the amounts you’re most likely to be charged. These figures represent over half of the loans borrowed from lenders through KwikCash. Some will be cheaper while some will be more expensive – but then, that’s the point of being able to compare!

It’s important to bear in mind that payday loans are designed for short term needs only and can become much more expensive if you don’t repay them on time or keep taking them out every month. Please read our Things to Consider section.

Loan Amount (£):    

Why is the APR so high?

Annual Percentage Rates (APRs) are required to be shown on any representation of credit, and are used to compare loans with each other. However, because they're based on an annual amount, short term loans that are repaid over a month or so can appear extremely high. In order to show what they would be like on an annual basis, the interest rate is treated as if you took out the loan (without repaying it) for an entire year, rather than repaying it completely within around 28 days.

There is a lot of controversy about whether APR is an appropriate measure for short-term loans or not, as its opponents point out that it's like showing the annual rate for a hotel room instead of the price per night. However, as it is a European requirement, there's no choice about whether or not to display it.

Although they're confusing, we think that it can cause people to take a closer look at how much they'll be borrowing and repaying. If this prevents people from applying for a loan they have no way of affording, we think it can still serve a purpose.

FULL CONSUMER CREDIT LICENCE DETAILS