Understanding our charges

• We charge a fixed rate of £14.50 per £50 borrowed
• There are no administrative fee's when you make the application to apply for a payday loan
• Our Representative APR is 1737%

Understanding the APR

The APR stands for Annual Percentage Rate and is the interest payable on the amount borrowed and other charges expressed as an annual rate charge. A Representative APR is the advertised rate that applies to at least 51% of successful applicants. The APR includes factors such as:

• the interest you must pay
• how you repay the loan; the length of the loan agreement (or term); frequency and timing of payments; and amount of each payment; and
• certain fees associated with the loan

The term assumes the rate of charge for a whole year and expresses interest and other fees as an annual rate. All lenders have to tell you what their APR is before you sign a regulated consumer credit agreement.

APRs are a good way of comparing similar products but are not so effective when comparing different products. The following table demonstrates this:

As you can see the Representative APR for the two installment loans are the same but the actual interest repaid as a percent of the loan is hugely different – and much lower with a payday loan.