New payday loans service means Northern Ireland residents are no longer penalised

A new payday loans service launches today – www.cash365.com – offering residents of Northern Ireland the same interest rates and benefits as those accessible to people living on the mainland.

This may be welcome news to NI residents who need a short-term loan following the recent undercover Trading Standards investigation of payday loans companies providing borrowing in their region.

Among many failings, the study* revealed that:

  • almost a third of the 29 payday lenders said they would not carry out a credit reference check (contravening consumer credit legislation); and,
  • none of the companies investigated were able to quote the Annual Percentage Rate (APR).

“This is unfair and further taints the industry” says Terry O’Hare CEO and founder of Cash365. “Until recently, it has been difficult for NI residents to access any short term form of lending. Those people that were offered a loan often found they were charged more than their contemporaries on the mainland by the very virtue of where they lived.

“Not only that, but our own research showed that with many payday loans services, their fees and interest rates were confusing and unclear. We empathise with those people who have taken a payday loan, unaware of just how much the lending will actually cost them.”

The Cash365 service offers an interest rate of 30% and fixed admin fee of £6.50 for residents of UK and NI, so customers know exactly how much their borrowing will cost. Full credit checks are carried out to ensure that an individual is not over indebted.

Mr. O’Hare continues: “Our service was set up to offer short term cash in an emergency, with fully transparent fees and no hidden charges – regardless of where someone lives.”

For more information, visit www.cash365.com.

Ends

*http://www.bbc.co.uk/news/uk-northern-ireland-17392407

Terry O'Hare, CEO, Cash365.com


Contact:

Terry O’Hare, CEO, Cash365.com, Tel: 01624 664848, Mobile: 07624 490429, Email: terryohare@cash365.com

Stella Hulott, Speedie PR, Tel: 01843 831088, Mobile: 07932 750271, Email: stella.hulott@speediepr.co.uk

About Cash365

Cash365.com is an online, short term lender based in the Isle of Man.

Our intention is to solve our customers' short term and urgent cash flow problems with a quick responsible solution.

We offer small short term loans with a quick and easy online application process and offer more speed, convenience and flexibility than high street banks or high street lenders.

We hold both a UK Consumer Credit Licence and an Isle of Man Moneylender's Licence.

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Quick facts

The Cash365 service offers an interest rate of 30% and fixed admin fee of £6.50 for residents of UK and NI, so customers know exactly how much their borrowing will cost. Full credit checks are carried out to ensure that an individual is not over indebted.
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Among many failings, the study revealed that: • almost a third of the 29 payday lenders said they would not carry out a credit reference check (contravening consumer credit legislation); and, • none of the companies investigated were able to quote the Annual Percentage Rate (APR).
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Quotes

Our service was set up to offer short term cash in an emergency, with fully transparent fees and no hidden charges – regardless of where someone lives
Terry O’Hare CEO and founder of Cash365
Our own research showed that with many payday loans services, their fees and interest rates were confusing and unclear. We empathise with those people who have taken a payday loan, unaware of just how much the lending will actually cost them
Terry O’Hare CEO and founder of Cash365