Warning:
Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Representative 728.9% APR.
Example: £400 borrowed for 30 days. Total amount repayable is £459.36. Interest charged is £59.36, interest rate 180.5% (variable)

Charges

There are a lot of myths about payday loans. Below is a short explanation of how the total cost of your pay day loan is calculated.

The Representative Annual Percentage Rate (APR) of payday loans often sounds very high when compared to conventional bank loans. This is because APR is an annually calculated rate, whereas pay day loans are only designed to be taken for a maximum of 31 days. This makes the year-long calculation seem extremely high. A more sensible way to understand your payday loan interest is to look at a simple example:

Representative 728.9% APR.

£400 borrowed for 30 days. Total amount repayable is £459.36. Interest charged is £59.36, interest rate 180.5% (variable)

As you can see, although the APR is a lot higher than traditional loans, the actual amount you repay is not hundreds of times the amount you borrowed. It is in fact only a small proportion of the money borrowed.

Your exact APR% will be calculated based on the length of your loan, but don't worry you'll be presented with this figure when you apply.

We understand it can be a long, difficult and confusing process to compare loans yourself, with different charges, lengths etc. This is why we search a panel of lenders for you and then you simply check you are happy with the terms of the loan agreement proposed.