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Shopacheck Loan Interest Rates - Shopacheck Loan Calculator

Updated on November 29, 2011

On this page we are going to take a close look at Shopacheck and see how much Shopacheck loans actually cost. We will examine the company and look at the interest rates they charge and also talk about APR and the loan calculator. If you are considering taking out a loan with Shopacheck we will also compare them to a few other doorstep lenders and let you know if getting a Shopacheck loan is going to be in your best interests.

Shopacheck are a company based in the UK. They have been in business for well over 60 years and are one of the countries most well known doorstep lenders. The company offer small loans over a short term and even provide you with your own doorstep agent who will deliver your money and then collect the repayments on a weekly basis from your home. But how much do Shopacheck loans actually cost? What are the interest rates? Plus how do you go about applying for a loan from Shopacheck?

Shopacheck Loans

Shopacheck Loan Interest Rates Calculator

The fact is that although Shopacheck have a website, their content is not the best and it can be tricky to work out exactly how much you have to pay back in interest. They do not have a calculator which can be very helpful. So we have a few figures for you which should help you out in this regard, similar to a loan calculator. They offer between £50 and £500 for an initial loan, the amount you can borrow will depend upon your personal circumstances. As an example though let’s say you want to borrow £100 over 32 weeks. The interest on that would be £60, total payable £160 and it would cost you £5 a week. The APR on that loan is 399.7%. You could also borrow £100 over 50 weeks, this interest on this would be £75 making the total amount you pay £175 at £3.50 a week.

The more you borrow the more interest you pay obviously. The maximum you can borrow as an initial loan would be £500. If you did that over 50 weeks the total payable would be £875 and so you would pay £375 in interest. That works out at £17.50 a week. If you pay your first loan off on time you will probably be offered more credit. You can take out bigger loans if Shopacheck are happy you can meet the repayments. For instance a £1000 loan over 50 weeks has £750 interest on it and would cost you £35 a week. So you can see that the interest rates start to get a little scary if you borrow more. They are even worse if you borrow the money over a longer period.

Hidden Charges

Some companies that offer short term loans can hit you with hidden charges if you do not pay the money back on time. One of the advantages of Shopacheck is that they offer fixed rate loans, this means that even if you do not pay the money back on time, you will not incur any additional charges or interest. While this is very good news it is worth bearing in mind that if you don’t pay your loan back on time you may struggle to get another loan from them in future.

Another thing worth mentioning is the rebate system. This is basically where you pay the loan back earlier than agreed, so say for an example you agree to pay it back in 32 weeks but you pay it back in 20. If this is the case you will get some of the interest deducted from the amount you owe. This is a good way of saving some money on the high interest rates that Shopacheck charge you.

Shopacheck Price Comparisons

The fact is that there are a few big names out there when it comes to doorstep lending. Companies such as Provident and Greenwoods all offer a very similar service. So how do Shopacheck compare on price? Well after reviewing the loan interest rates it looks as though they sit in the middle of the price range. On most loans and products available Provident seem to offer the cheapest deals while Greenwoods are that little bit more expensive. Shopacheck are just that little bit more than Provident and that little bit less than Greenwoods. But the differences are not all that big as the prices are very similar.

Overall then Shopacheck seem like a pretty trustworthy company who offer loans to people who may not be able to get them from anywhere else. Their interest rates are on the high side but they do offer a good service and an easy application process. When compared with other similar companies on a loan calculator there really is not that much in it price wise. So if you are struggling to find that little bit of extra money and you do have a poor credit rating, then it is well worth taking a look at Shopacheck.


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