Lenders and brokers need to display their APR (Annual Percentage Rate) on their main page or on any promotions. This rate will take into the fact of all charges from making an application to the charge of the loan. Looking and comparing these rates with other lenders and brokers is essential for which of them are the cheapest and most expensive. There are many new and existing payday lenders in the current market and offer many products with different loan amounts and terms.
You can filter and compare loans and terms in order to give you a good insight of the lenders capability when funding loans. Loans can be from as little as £20 to £2,000 with a term from 5 days to 6, to 12 months. Check out the lenders example for a good insight of the costs of borrowing.
The example should consist of the following:
For example, at WageMe, our representative example is: Representative: 1,212.3% APR. Representative Example: Loan Amount: £100 for 35 days, Interest: £28, Interest rate: 292%pa (fixed), One total repayment of: £128 Representative 1,212.3% APR.
You can compare several short-term loan products, Payday and Instalment loans.
|PayDay Loans:||Instalment Loans|
|Term:||5 to 45 Days||3,6,9,12 Months|
|Daily Int.Rate:||Capped up to 0.8%||Capped up to 0.8%|