Press release
The annual percentage rate for payday loans in the UK is one of the highest in Europe
In some European countries, the annual percentage rates for express loans differ among each other by more than 100 times. Moneyguru24.com, a company specializing in comparisons between express loans have compared the annual percentage rates of 10 European countries.The express loans are most expensive for the consumers of three countries –UK, Spain and Denmark. In those countries, the average charge for express money amounts to 2353%, 2733%, and 1257%, respectively. Furthermore, some express loan companies in England charge a yearly interest rate of up to 5550% which is an absolute record among the 10 countries.
The group of countries with moderate express loan charges includes Germany (365%), Estonia, (427%), Finland (400%), and Sweden (716%). The overall picture for the 10 countries can be seen here.
The first place in low-cost loan resources belongs to Netherlands where the average market rate on express loans costs customers 122%/year. The average yearly interest rate on sms-loans in Lithuania is a little higher – 173%. In that country, unlike the majority of EU countries, the law imposes a limit on the interest rate on express loans. In Lithuania, the loans cannot cost consumers more than 200%/year.
According to the study conducted by Moneyguru24.com, the average yearly interest rate on express loans in those 10 European countries comes to 888%. This is almost 3 times lower than the average interest rate in UK and 7 times higher than that in the Netherlands.
Interestingly, in most of the countries, loans are granted to young people 18 years old or older. Only in Denmark, Norway and Latvia express loans are granted from age 20 or 21. In some countries, there are companies which have set age restrictions for the borrowers with a minimum of 23.
MoneyGuru24.com, - a free online comparison service which allows you to compare instant loans such as payday loans, short term cash loans, express loans and others. Our business model is designed to help you find most beneficial loan for individual needs.
We collect information directly from financial enterprises in regions to offer most precise comparison.
Kārļa Ulmaņa alley 2, Riga, Latvia, LV-1004
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