What are the charges involved?

The charges you need to be aware of with a payday loan is how much you pay back on the amount you borrow. This amount is a fixed sum dependent on the individual provider. For example, in most cases you have to pay back £100 for every £80 you borrow, resulting in £20 interest.

However, this charge does vary, as some providers may charge £30 or more in interest. It is always a good idea to use comparison tools to compare rates and ensure you get the best payday loan available.

Other points to take note of are that you don’t have to worry about administration fees with payday loans and there are not usually any hidden costs involved.

It is also important to be aware that if you feel it necessary to extend the loan period by paying off the interest only, some payday loan companies will charge an additional fee for rolling the repayment date.

Lender Loan Amount Employment Bank Account Faxing Required Charges   Up to £750 Yes Yes No Various Apply >> Up to £750 Yes Yes No £25 for every £100 Apply >> £80 - £750  Yes Yes No £25 for every £100 Apply >> Up to £750 Yes Yes No £25 for every £100 Apply >> £80 to £750 Yes Yes No £25 for every £100 Apply >>