TIDE U OVER LOANS
Tide U Over is an online payday loan lender for people looking to borrow up to £500 until their next payday. Based in Cardiff, Tide U Over offer a completely online service and a payday loan application only takes around 5 minutes to complete. Provided you have passed all credit and affordability checks, Tide U Over can transfer the funds to your account on the same day provided that it is before 5pm, or your loan will be transferred the next day.
About Loans from Tide U Over
Tide U Over is a direct lender and not a broker. The maximum period of a loan is 31 days and there are no long-term options or instalment loans.
The most you can borrow is £500 but first time customers are only able to borrow between £100 and £400. Once they have repaid a loan successfully, they are able to borrow more provided that they meet affordability checks.
Repayment Terms from Tide U Over
The Representative APR for Tide U Over loans is 452% which makes them very competitive in the payday loan industry. This means that at least 51% of successful applicants will receive this rate of interest. However, rates may vary depending on the duration of the loan and the borrower’s credit history.
Here is a Representative payment example: Borrow £200 for 28 days. The total charge for credit is £28. Interest is fixed at a rate of £28 per £200 loan (182.5% per annum). The total repayable is £228. 452% APR Representative.
You are expected to make one repayment which will be automatically collected from your debit account. This collection will tend to be on your payday, the date you get paid by your work, which is usually the last Friday of the month. There is no mention of whether you are able to repay your loan early and whether it will be cheaper to do so.
What Checks Do They Run?
Tide U Over work with external credit reference agencies to protect against fraud and money laundering. A credit check will be run on every applicant to see whether they have any other short term loans outstanding and to see if they can afford to repay their loan on time. They will also carry out affordability checks to match how much the customer wants to borrow and whether they can afford it. This is achieved by asking for proof of salary or a bank statement to confirm one’s monthly income.
Useful Information about Tide U Over
- The maximum default fee is £15
- Company number: 07448835
- FCA Interim Permission Number: 641564
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.