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Payday loans carry a fixed flat rate fee and nothing more. You can apply for any amount between £80 and £750. There are no hidden or administrative costs: for every £80 you borrow you pay £20. The calculated APR% depends on the duration of your loan and will be presented to you when you apply.

You Borrow	Total Amount Payable
£80	£100
£160	£200
£200	£250
£300	£375
£400	£500
£500	£625
£600	£750
£700	£875

Typical 1355% APR (Cost of credit 25% for a 30 day loan).

The APR% for Payday Loans may seem quite high at first glance. Taking into account that all setup fees and administrative costs are included and since most Payday Loans are paid over a period of no more than 70 days a yearly APR% might be misleading.

In most cases taking a payday loan is much cheaper than paying overdraft penalties, bounced cheques or unpaid bill charges

Comparing Payday Loans and Personal Unsecured Loans

A typical unsecured loan of £5,000 borrowed over 60 months:

Payments would be approx. £135.16 per month.
Total repayment £8109.88
Typical APR 23.1%.
Actual Repayment: 62%.

Since this kind of loan is spread over 5 years the APR is indeed small but the actual payment over this period would be £3109.88 for a £5k loan which is 62% compared to 25% actual cost of credit of a payday loan.

If you are looking for a long term loan to pay with installements over 12-60 months, click here for usecured loans. Please be aware that processing this kind of loan may take longer.