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If it borrows £6,000 for 12 weeks, with interest at 0.8% a week and a £120 application fee, the weekly repayment is £558 and the total repayable is £6,696, it said.
FastFlex ranges from $10,000 to $35,000 and funds can be available as early as the next business day, with a weekly repayment schedule.
Rescheduling a loan at Zidisha is simply an option for borrowers to adjust their weekly repayment installment amounts up or down to accommodate changing financial circumstances.
At Zidisha, borrowers choose their own weekly repayment amounts, and the day of the week on which repayments will fall due, at the time they apply for a loan.
Similar(56)
The weekly repayments are £495.94, with a total repayable of £7,935.
There was low awareness of the huge interest rates and, instead, a simplistic focus on the weekly repayments rather than the total cost of this credit".
"The consequences of weekly repayments, which have more than doubled since the start of this study, alongside increasing costs in all areas, is really placing financial strain and hardship on our households".
The way McKee describes it, this easy-to-budget model, where purchases are priced in weekly repayments (ranging between £3.50 a week for a table and £26 a week for a sofa), represents a valuable, morally justifiable service to low-income households.
Their research showed that as a result, these "financially excluded" were using high interest doorstep lenders, tempted by the low weekly repayments and ignorning the high interest rates of around 252% APR.
Many opt for daily or weekly loan repayments.
Average weekly debt repayments are £34.56 (90% higher than they were in September 2013).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com