A payday loans website is offering new customers interest-free short-term loans.
While most payday loan lenders charge an APR of over 1000%, InstantLoansDirect is launching eight-day loans at 0% interest at the end of each month from now until March.
For example, a loan borrowed at noon on November 23 must be repaid by 11.59am on November 30.
If it is not, a charge of 50p per day per £100 borrowed will apply, both for the eight days and every day after that.
Every new customer who applies for a short-term loan on the site (and is accepted) for the eight days prior to each month end can get a minimum of £50 and a maximum of £300.
Giles Coutts, founder of InstantLoansDirect.com, said: “Whilst many people are wary of instant loans, people are applying for them and relying on them and that’s a fact we can’t ignore, especially with banks reluctant to help out and the general cost of living going up.
“That is why we are trying our best to go above and beyond, by offering the UK’s first 0% payday loan.
“Some critics kept on about how high the APR is of major payday lenders, but we launched with our service earlier this year with an APR that blew our expensive competitors away.
“Now with our 0% pay day loan, we hope this will make people realise that InstantLoansDirect.com is a serious player in this market.”
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