Charges for a payday loan
Payday loans will give you the cash that you need fast and hassle free. Here are the payback details.
Our panel of lenders charge a flat rate fee repayable in one instalment on your next payday. Please note the below charges are for illustrative purposes and could vary depending on lender.
|Your Loan Amount||Your Payback Amount|
Representative Example: Amount of credit: £200 for 30 days you would repay a single payment of £248.00. Interest is 292% per annum (variable). Representative 1269.7% APR.
A financial payday loan company’s governing rules and regulations say that you must be shown the Annual Percentage Rate (APR). The APR is calculated on paying a certain fixed amount of interest each year. Usually APR’s are used for credit card or mortgages – which are repaid over the course of a year. As same day loans are repaid within 30-days and not a year it can be easier to understand the loan through the monthly rate. Again we must stress that these loans are intended for one-off use and not a solution to debt or long-term financial problems.