> What are the costs involved with payday loans?

What are the costs involved with payday loans?

The costs of involved with payday loans can vary from lender to lender but we typically charge £25 per £100 borrowed. So for example, if £300 was borrowed from us then you will pay back £375 which is an interest of £75.

Many people say that payday loans APR is high which is absolutely true but the APR is calculated on a yearly basis. For example, if £100 was borrowed and £25 of interest was paid monthly then this would be very costly.

The bottom line is that payday loans are for a maximum of 1 month and APR is not the best way to measure this type of borrowing.