SpeedCredit - how does it work?

[ecotrojan]

Hi

I took a loan out from SpeedCredit. I thought I would get the option for 28 days but it seems I have only got the loan for 14 days.

 

Today I received a letter stating

 

Please note: IF you need to EXTEND this loan to 4 weeks you do not need to contact us

 

I don't understand. Do I have to pay the interest after the 14 days period and the original amount plus interest in 28 days ?

 

Confused!

 

Thanks

Matt

[Welshy27]

If you don't pay it today then they they will automatically add on the interest which means you have the loan for another two weeks - you won't need to make any payment today or tomorrow. In another two weeks you then pay off the loan or you can pay interest to extend the loan for another two weeks.

 

They say the loans are for a maximum of 28 days but I've been offered options to keep it active for up to 8 weeks - by having the option to pay the interest (i.e. roll over) at the end of week 4 and week 6.

[Nao]

It means if you do nothing you would have to pay the interest for 14 days 28 days later plus pay the interst for 28 days and the amount borrowed. So its much more expensive.

 

However, I would suggest very strongly to pay it off in full as soon as possible, do not ever roll over / extend loans, its a one way train to debt hell.