Pricing Examples

SCML will never lend more than you can afford to repay – we look closely at your financial situation.

Personal Loan Interest Rate: 32% for new clients

The interest rate is charged on the declining loan balance - in other words once you have made your first repayment the interest charge decreases.

A one-off administration charge of 5% of the total loan is payable upfront either in cash or added onto the personal loan. (For example if you take out a loan of £300 you will have to pay £15.00)

 

Loan Amount

Frequency of  Payments

No. of Payments

Payment Amount

Interest Charged

Admin Fee

Total to    pay back   to SCML

£300

Weekly

31

£10.03

£10.93

£15.00

£325.93

£600

Monthly

18

£39.26

£106.68

£30.00

£736.68

£1,500

Monthly

24

£79.22

£401.28

£60.00

£1961.28

 

 

 

 

 

 

 

 

 

* Because we calculate the interest on daily balances, the regular payment and interest charged on your loan may vary slightly from this illustration.

Loans are repaid either on a monthly or weekly basis by Direct Debit from your own bank account.

 

Tel: 0845 389 9494