Borrow £200 for 28 days
Payable £258 single payment
Total interest: £58
Interest Rate: 378%
Representative APR: 2708.9%
Doshnow.co.uk Loan Process
We are dedicated to your satisfaction and want you to understand the loan process and financial implications. Doshnow.co.uk works with the UK's largest short-term lender network, fees, interest and APR will vary by lender between 1355% to 4559%. Aside from the actual interest on the principal loan amount, some lenders will charge additional fees, these fees will be explained in your loan agreement and are sometimes optional and only charged if you require your loan to be fasttracked and deposited same day.
Please borrow only what you can afford to repay on the agreed date, your loan will be automatically deposited and debited from the same account, many lenders will automatically apply the additional fees and interest to your loan if they are unable to collect the full amount on the agreed date.
Loan Extension and Renewal Policy
Doshnow.co.uk focuses on matching customers with short-term lenders for short-term cash needs, the typical loan term being between 15-30 days. Short-term or payday loans are not long-term solution to financial problems or debt, rather used to satisfy immediate cash needs to cover such emergencies as bills, car or medical expenses, etc.
Please be sure to read your loan agreement before signing so you're clear on the due date, many lenders will automatically freeze your interest and contact you to set up a payment plan if they are unable to collect the amount due on the due date. However, some lenders will automatically rollover or renew your loan which will result in added fees and interest. Loan extensions, rollovers and renewals will almost always result in additional fees and interest. We urge you to please read and understand your loan agreement before signing as policy on extensions and renewals varies by lender, if you have any questions please inquire with your lender before accepting the loan.
Implications of Non-payment
The most important part of the loan process is understanding when your loan is due and how much will be debited from your account. This information will be very clearly stated in the loan agreement.
If you are not going to be able to pay back the full loan plus interest on the agreed date you must contact your lender to agree on a payment plan that will freeze interest and fees and allow you to repay back your loan in instalments without accruing additional fees and interest, please do this before your loan is due.
Our lenders will attempt to collect the full amount due on the agreed date, if you do not have ample funds in your account this debit may result in Non-sufficient Fund(NSF)charges. The amount of these charges will vary by your bank. To avoid these fees, it's always best to contact your lender if you think you'll be unable to repay your loan in full so you can agree on a payment plan with your lender and avoid the extra fees, interest and potential bank charges.
Going delinquent on your loan (not repaying) will have long lasting implications on your credit as your lender will notify Credit Reference Agencies(CRAs) of the delinquency which will have a negative impact on your credit score and make accessing credit more difficult in the future. The Credit Reference Agencies may share this information with other CRAs and Fraud Prevention Agencies and it will stay on your credit profile for several years. The good news is the CRAs also report when you successfully repaid your loan which may have a positive affect on your credit score.
Finally, if your loan goes unpaid, your lender may employ a Collection Agency who will take action in order to collect the amount due. This can include visits to your residence if they are unable to get in touch with you via phone or email. The Office of Fair Trading regulates lenders and collection agencies and they are required to uphold industry best practices which restrict them from threatening or harassing you although they will follow up until an agreement is arranged.
The Office of Fair Trading has published debt collection guidelines here. All DoshNow.co.uk lenders must follow the Office of Fair Trading best practices. If for whatever reason, you feel your lender is not following the Office of Fair Trading best practices, please register a complaint directly with the Office of Fair Trading online or call 08457 22 44 99 to speak live with a representative from the Office of Fair Trading. Also please let us know by sending an email to firstname.lastname@example.org. We take compliance with the OFT's best practices very seriously.