Payday Loan Repayment Charges…

How much you repay…

Our repayment rates are clearly shown below for each loan amount you might choose to apply for. The loan is repayable in full on your next pay day however, for a small fee, you can request an extension of the repayment date until the following pay day.

Standard Loan Single Repayment Charges

Our Standard Loans allow you to borrow up to £400 on your first loan then up to £750 there after, incurring Typical 1737.2% APR

Typical example. Loan amount : £200. Repayment on your next pay day £250. We charge 25% of the loan amount for credit.

There are NO arrangement fees to set up your loan.

If you would like to know more about our service please click here to view our Frequently asked questions.

How much would you like to borrow?

£

Table of Repayment Charges

Our APR Explained

The term APR stands for Annual Percentage Rate. It is the interest payable plus administrative fees applied expressed as an annual rate of charge. The rules and regulations that govern Consumer Credit providers like ourselves state that they must quote their APR before you (the customer) sign a regulated consumer credit agreement.

However the term expresses the rate of interest and other fees as an annual percentage, typically for loans of 12 months and above. If you take out a WageDayAdvance of £100 and paid back £25 every month for a year it would be very expensive but cash advances offer instant solutions to short-term financial needs. You are expected to repay your loan in full within 45 days, on your next pay date, so APR’s are not a realistic measure for calculating the repayment rate of our short-term loans. The table below illustrates this:

Table for comparison :

	Provider	Period	Loan Amount(£)	Interest Charge(£)	Interest Charge(%)	Typical APR(%)
		28 Days	£100	£25	25%	1737.2%
	Bank Unauthorised Overdraft	14 Days	£100	£63.55	63.55%	37496354.3%
		28 Days	£500	£125	25%	1737.2%
	Instalment Loan	12 Months	£500	£175	35%	78.6%
	Instalment Loan	36 Months	£500	£245	49%	16.9%

The actual cost of borrowing from WageDayAdvance will always be £25 for every £100 borrowed and is intended to solve your short-term cash flow problems without requiring any long term debt. It’s also the fastest and most convenient way to borrow and we believe this is the most competitive rate in the market for this service. In most cases our rates of interest are much cheaper than the charges banks impose for going into an unauthorised overdraft, attempting to cash cheques with insufficient funds or attempting to pay a direct debit/standing order with insufficient funds in your account.