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1294.1% APR Representative Example: Borrow: £300 for 90 days Interest: £144.06 Total to repay: £444.06 Repay in 3 instalments of £148.02 each. Annual interest 274% (variable). Representative 1294.1% APR.

Payday credit, also known as a payday loan, is a short term loan of a relatively small amount of capital. The loan is often for a couple of weeks, and not more than one month. Typically the loan is for under £400.

A range of companies now offer this type of loan, many offering on-line services. Lenders are regulated by law, and although there is no restriction on the interest rate they can charge, they are obliged to state the annual percentage rate (APR).

The idea is to help working people who have encountered an unexpected expense, such as an urgent repair to their home or car, and need some financial help to “tide them over” to their next pay day.

Other people may use this type of loan to take advantage of a discount or special offer when purchasing goods or presents. As long as it is paid back in time, it can be a relatively cheap, quick fix to overcome a temporary shortage of funds.

However, it should not be used for regular expenses, such as monthly bills, as interest rates accumulate and borrowers may end up with a bigger problem.

Also, it should not be considered as a long term loan. It is important for applicants to make sure that they have the money to repay the loan at the agreed time, as there are additional fees for late payments.

These fees may prove expensive and missed payments can affect people’s credit rating which may cause problems if applying for loans or mortgages at a later date.

Payday credit is available to almost everyone; even those with poor credit ratings or no credit history can apply. It is easy accessible, an on-line application, providing personal details and a bank account number, can take only a few minutes to complete.

Typically the money will be credited to the applicant’s bank account within 24 hours, often the same day. Repayment of the loan is simply a matter of using a debit card for this account.

To summarise, if used correctly a payday loan can be very useful for working people who experience an unexpected crisis leading to a temporary cash flow problem. Although APR rates may seem excessive compared to high street lenders, for the short term of the loan, they are relatively inexpensive.

However, caution should be exercised by those facing difficulties meeting their monthly commitments.

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