Charges of payday loans

Our payday loan carry a fixed flat rate fee and nothing more. You can apply for any amount between £80 - £1,000. There are no hidden or administrative costs: for every £80 you borrow you pay £20. The calculated APR% depends on the duration of your loan and will be presented to you when you apply.

Below you can see table with example of fees for different amounts of payday loan.

Typical 1737% APR (30 day loan). Cost of credit 25%.

The APR% for PayDay Loan may seem quite high at first glance. Taking into account that all setup fees and administrative costs are included and since most PayDay Loans are paid over a period of no more than 70 day a yearly APR% might be misleading.

In most cases taking a payday loan is much cheaper than paying overdraft penalties, bounced cheques or unpaid bill charges.

 

Comparing Payday Loans and Personal Unsecured Loans:

A typical unsecured loan of £5,000 borrowed over 60 months:

*Payments would be approx. £135.16 per month.
*Total repayment £8109.88.
*Typical APR 23.1%.

Since this kind of loan is spread over 5 years the APR is indeed small but the actual payment over this period would be £3109.88 for a £5,000 loan which is 62% compared to 25% actual cost of credit of a payday loan.

 

Cost of Payday Loans is 25%.
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