Argos loans is the trade name used by Home Retail Group Card Services, a financial institution regulated by the Financial Conduct Authority. The company’s office is situated at Avebury, 489-499 Avebury Boulevard in Milton Keynes, United Kingdom.
When it comes to personal loans, HRGCS acts as a credit broker and not a lender. Creation Consumers Finance Limited provides personal loans, also regulated by the Financial Conduct Authority. Argos loan is easy to access through their online loan options for customers. Customers can also use the online loan calculator to determine the interest rates and total payment amount for the amount they wish to borrow.
A personal loan is a loan mostly given to an individual to repay through monthly fixed installments win two and five years. The lenders earn interest from the amount received depending on the loan amount given and the repayment period. Some financial institutions may require guarantees for the amount offered, but Argos give unsecured loans as long as the customer has a good credit score.
Borrowers at Argos loan can enjoy a repayment period of 1 to 5 years with the maximum amount of £ 20,000 without an arrangement fee. People who apply for loan at Argos get a loan offer depending on their credit score and their ability to repay. The repayment amount is constant for the whole repayment duration to enable customers to budget well and easily calculate their balances. It is important to note that the one year repayment period is only available to borrowers for an amount below £ 15000. Early repayments also mean that you have to pay back the outstanding capital, the accrued interest and an early settlement fee similar to a month’s interest. Applicants who wish to get some cash to finance a project such as buying a house or a car can easily access personal loans through the Argos loan website
Argos Loans Terms
For Loan applicants to qualify, they must be above the age of 23 years and under 70 years at the time of application, must be residents of UK for more than three years and with an annual income of at least £12000 (before tax). Another requirement is for them to have a bank or building society current account where the lender can transfer the given loan amount. Argos Loan will also run a creditability check to determine whether their credit history is good enough to support a loan issuing decision. Lenders with a bad credit history are less likely to get a loan.
Argos Loans Interest Rates
The interest rate charged at Argos depends on the amount borrowed, the loan terms and the customer’s circumstances. Loans amount between £7500 and £ 15000 have a representative APR of 9.9% with the maximum rate for all personal loans set at 29.9%. For example, a person borrowing a loan of £7500 to repay over a term of 36 months will have a representative APR of 9.9% and a similar fixed interest rate. The monthly installments are £240.16, which translate to a total payment of £8,645.76