Lifeboat Loans is a flexible lending brand released by Lifeboat Assistance Limited who are based in Doncaster. This service that is headed as “The UK’s Number One Lifeline” is available at www.lifeboatloans.co.uk with the launch appearing to have been in the summer of 2013. These short term loans have a flexible repayment range of 5 to 30 days. On the first loan each applicant has access to £50 to £500. Once trust has been shown, a returning sum of £1000 may be received. With pricing per £100 borrowed, the cost would be £28.28 over 7 days that works out at 4.04% daily.

The charge would be £55.51 over the full period of 30 days and so the rate for this example would be 1.850%. With this in mind, it certainly makes sense to opt for the maximum term. A required arrangement fee (as they quote as equivalent to 20%) has been added within the costs that is in place to get the cash across to bank accounts on the same day. Based on these examples, this does actually look to be a £20 charge. This is clear since when you discount it fully you are left with interest at just a little over 1% each day.

Lifeboat Loans can be serviced securely online at www.lifeboatloans.co.uk. This product is available between Monday and Friday and so there is no current weekend coverage. Their full listed times are 9am to 5pm. This brand has been popping up on many payday review sites recently and so they are expected to grow considerably throughout 2014. It is good to see the flexible terms provided by them, but the pricing is expensive here due to that required transmission fee. The daily rate works out much better over their extended terms and so it would be recommended to select the entire month for the repayment.