MyPaydayUK's Charges
We charge £25 per £100 borrowed for each NEW loan
 |
There are no arrangement fees to set up the loan |
*Payable in a single payment on your payday
1737%APR TYPICAL
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. All lenders have to tell you what their APR is before you sign an 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 APR for the two installment loans are the same but the actual interest repaid as a percentage of the loan is hugely different and much higher than a payday loan.
