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.
Table of Repayment Charges
| |
Loan Amount (Capital) |
Interest |
Repayment |
|
| | £80 | £23.60 | £103.60 | |
| | £100 | £29.50 | £129.50 | |
| | £150 | £44.25 | £194.25 | |
| | £200 | £59.00 | £259.00 | |
| | £250 | £73.75 | £323.75 | |
| | £300 | £88.50 | £388.50 | |
| | £350 | £103.25 | £453.25 | |
| | £400 | £118.00 | £518.00 | |
| | £450 | £132.75 | £582.75 | |
| | £500 | £147.50 | £647.50 | |
| | £550 | £162.25 | £712.25 | |
| | £600 | £177.00 | £777.00 | |
| | £650 | £191.75 | £841.75 | |
| | £700 | £206.50 | £906.50 | |
| | £750 | £221.25 | £971.25 | |
|
Deferring / Extending your loan
If you are permitted to defer repayment of your loan for a further month, you will just pay the interest due this month and then repay the amount borrowed next month with interest accrued.
Please Note : Extending your loan by deferring repayment of capital will cost you more and mean it will take longer to repay your loan. We discourage you from extending, please try and repay your debt as quickly as possible to reduce charges. If you are in financial difficulties, you should let us know as soon as possible and we can explore new arrangements for you paying off your debt. There are also organisation that offer free debt advice, more information is available on our responsible lending page.
Example of deferring repayment of a loan
The example table below shows the additional interest (or 'deferral fee') for each month you deferred and the total you would repay if you borrowed £250 and deferred payment of the capital 5 times.
| |
£250 Loan Amount |
|
Capital |
|
Interest/Deferral Fee |
|
Total Repaid |
|
| | Repaid on Due Date | | £250.00 | | £73.75 | | £323.75 | |
| | 1st Deferral | | | | £73.75 | | | |
| | 2nd Deferral | | | | £73.75 | | | |
| | 3rd Deferral | | | | £73.75 | | | |
| | 4th Deferral | | | | £73.75 | | | |
| | 5th Deferral | | | | £73.75 | | = £692.50 | |
|
WageDayAdvance Fees
If you choose to receive your wage day advance via BACS you will receive your money within 3 working days. This service is FREE of charge.
You also have the option to receive funds quicker via an Express Payment option. This service incurs a £15 charge which is deducted from your loan amount and you should receive your loan on the same working day.
If you would like to know more about our service please click here to view our Frequently asked questions.
| |
Fees which could be incurred |
|
Fee Amount |
|
| |
Unpaid Direct Debit / Debit Card Fee |
|
£12.00 |
|
| |
Express Payment Option - (if you choose to receive funds quicker) |
|
£15.00 |
|
| |
BACS Payment Fee (3 - 4 Days) |
|
FREE |
|
|
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 over a month and paid back £29.50 every month for a year it would be very expensive but cash advances offer a solution to short-term financial needs. You are expected to repay your loan on your next pay date, so APR may not be the best indicator of cost for our loan.
The actual cost of borrowing from WageDayAdvance will always be £29.50 for every £100 borrowed and is intended to solve your short-term cash flow problems without requiring any long term debt.
