We want you to fully understand
PaydayUK's charges
We charge £14.50 per £50 borrowed for each NEW loan
- There are no set-up or admin fees on our payday loans
| You Borrow | You Repay* |
|---|---|
| *Payable in a single payment on your payday | |
| £80 | £103.20 |
| £100 | £129 |
| £200 | £258 |
| £300 | £387 |
| £400 | £516 |
| £500 | £645 |
| £600 | £774 |
| £750 | £967.50 |
Understanding the APR
The APR stands for Annual Percentage Rate and is the interest payable on the amount borrowed and other charges expressed as an annual rate charge. All lenders have to tell you what their APR is before you sign an agreement.
APRs are a good way of comparing similar products but are not so effective when comparing different products. The following table demonstrates this:
| Type of loan | Amount | Month | Total repayment | APR | Actual interest |
|---|---|---|---|---|---|
| Payday | £500 | 1 | £645 | 1737% | 29% |
| Instalment | £500 | 36 | £653 | 19.9% | 31% |
| Instalment | £500 | 60 | £766 | 19.9% | 53% |
As you can see the APR for the two instalment loans are the same but the actual interest repaid as a percent of the loan is hugely different – and much higher than a payday loan.
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Managing your money
PaydayUK provides access to information to help you manage your money more effectively.
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