How much does a payday loan cost in the UK?

The cost of a payday loan depends on the amount borrowed, the daily interest rate, and how long you borrow for. UK lenders are capped by the FCA – you will never pay back more than double what you borrowed. This calculator shows an estimate of total interest and repayment.

Can a payday loan cost more than double what I borrowed?

No. Under FCA rules, UK payday loans cannot cost more than 100% of the amount borrowed. For example, if you borrow £200, the maximum you will ever repay is £400 including interest and fees.

How can I reduce the cost of a payday loan?

You can reduce the cost by repaying as early as possible, borrowing only what you need, and avoiding rolling over loans. Using alternatives like credit unions or short-term instalment loans may also be cheaper.

Payday Loan Cost Calculator | Wageme.com ® Official

Representative APR: 79.5 % (fixed) View Example

Here's an example to illustrate: Representative APR of 79.5% (fixed). Here's an example to illustrate: If you borrow £1000 for 12 months, your monthly payment will be £123.40. The total amount repayable will be £1480.80, including £480.80 in interest. The interest rate is 79.5% (fixed). Interest rates range from 11.8% APR to 1721% APR. You can request a quote without any obligation. The APR you receive will depend on your personal circumstances. Our loans are available for amounts between £100 and £5000, with terms ranging from 3 months to 36 months

Thinking about getting a payday loan? It's vital to understand the actual expense. This simple calculator can help you figure out the total repayment amount, factoring in interest charges based on the principal, the interest rate, and the loan duration. Keep in mind that this is just for informational purposes. Your actual loan expenses could differ depending on the specific lender.

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Payday Loan Cost Calculator

💷 Payday Loan Cost Calculator (UK)

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