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
Representative 2814.2% APR
Representative Example
Rate of Interest (fixed)
Total amount of credit
Total charge for credit
Total amount payable
Duration of loan
Representative
= 29.5% per month
(383.5% per annum)
= £225
= £66.38 (interest)
= £291.38
= 28 days
2814.2% APR
How much would you like to borrow?
If you choose to receive your wage day advance via BACS you will receive your money within 3 - 4 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 after 4.30pm on the same working day.
If you would like to know more about our service please click here to view our Frequently asked questions.
Table of Repayment Charges
| |
Loan Amount |
|
Repayment |
|
Extension Fee |
|
| | £80 | | £103.60 | | £23.60 | |
| | £100 | | £129.50 | | £29.50 | |
| | £150 | | £194.25 | | £44.25 | |
| | £200 | | £259.00 | | £59.00 | |
| | £250 | | £323.75 | | £73.75 | |
| | £300 | | £388.50 | | £88.50 | |
| | £350 | | £453.25 | | £103.25 | |
| | £400 | | £518.00 | | £118.00 | |
| | £450 | | £582.75 | | £132.75 | |
| | £500 | | £647.50 | | £147.50 | |
| | £550 | | £712.25 | | £162.25 | |
| | £600 | | £777.00 | | £177.00 | |
| | £650 | | £841.75 | | £191.75 | |
| | £700 | | £906.50 | | £206.50 | |
| | £750 | | £971.25 | | £221.25 | |
|
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 £29.50 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 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. It’s also one of the fastest and most convenient ways to borrow money and we believe we offer a very 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.
