Loan fees

Payday loans are short-term cash advances, perfect for getting you through to next payday. Our lenders typically charge a fixed-rate fee, to cover their administrative and interest costs. This is usually £25 per £100 advanced, although terms vary from lender to lender. Check the term of any loan offered to you before confirming. These charges are comparable with bank overdraft fees.

The APR

Annual Percentage Rates (APR’s) are quoted for financial products so that you can compare them even when the types of fees vary – some fees will be percentages, some a fixed fee, some a mixture of both. The APR is calculated based on the total amount paid and the length of time that you repay the loan over. It is most useful when comparing same-length loans (e.g. mortgages) against each other. But less helpful if the repayment lengths are very different.

Typical APR on a payday loan is 1355%. This may seem high, but that’s only because you are borrowing the money for a short period of time, not for a whole year. The calculated APR for your loan depends on the length of your loan and will be presented to you when you apply. We work on a fixed fee basis, so you know exactly how much you need to repay before you take the loan. There are no hidden fees. The following examples will help you understand how APR can vary.

Typical loan examples

Pete and Claire from Brighton borrowed £200 over 15 days. The total amount repayable was £250. The APR was 22694%

Sally from Birmingham borrowed £200 over a 30-day period. Her total amount repayable was £250. The APR was 1355%.

As you can see from these examples, the amount repayable stays the same, even though the APR fluctuates, because repayment charges are fixed. Please check all costs associated with any loan offered to you before accepting it.