Payday Loan Charges
You are able to apply for an instant payday loan and borrow between £100 and £1000. The charges for a quick payday loan is for every £100 you borrow, you pay back £25. So if you applied to get £100 paid into your account today, you would only be charged £25 interest. This keeps the charge structure simple and enables you to be able to see just what the repayments will be.
There are no expensive administration charges and no other hidden fee's.
If you had the payday loan taken out over 12 months, the charges would be high, however, as the loan is repaid the next time you get paid the charges actually work out much less than ordinary high street lenders.
So although the annual percentage rate seems quite high, the actual amount of money you repay can be quite competetive.
As with all loans always ensure that you are able to pay the money back that you need to borrow. If you consider that you would be unable to pay the loan back then reconsider making your application.
If you are struggling to pay back your loan seek free, independent financial help from organisations such as the CAB.
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