Airdrie Savings Bank, one of the UK’s smallest banks, has announced the launch of ‘express loans’, short term loans for existing customers.
The express loans offer £50 – £500 over a repayment period of six months.
Go deeper with GlobalData
Airdrie Savings Bank will only lend to existing customers who have had an account with the bank for a year.
The announcement has put pressure on payday loan giants, whose APRs rise up to 4000%, in comparison to the 27% Airdrie Savings Bank are offering.
For example, someone borrowing £100 over 28 days would pay an extra £1.15 interest. There are no arrangement or early repayment fees.
The move came in the midst of media interest surrounding payday loans lending policies.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
