What are the costs of payday loans?

You won’t find any hidden costs or charges with MiniLoanShop.co.uk; everything will be clearly laid out during the application. This means that you can budget better for the repayments and won’t find yourself in trouble. All the charges are visible and you may even find that it works out cheaper than an unauthorised overdraft or a long term loan.

 

Please see the table below for details of our charges for a 28 day loan repayable in one single repayment.

 payday loan cheapest

Note: This table is intended as a guide to repayment amounts only. The amount repayable will depend on the lender that accepts your application. For every £100 borrowed payday lenders charge an average of £24. That means for every £1.00 you borrow you will typically pay back £1.24. 277.5% APR Representative.

 

As we all know, there are many reasons for financial difficulty, be it a house repair, an unexpected garage cost or an unforeseen vet’s bill that tips you into the red. When you need to borrow an amount quickly to tide you over until your wages arrive, a payday loan can be your best bet-there are many great advantages, including the fact that they are designed to be paid back so quickly. This means that you can sort your unexpected costs and still be debt free within a very short space of time.

 

You must always ensure that you only borrow an amount that you can repay by your next payday, or you may find yourself with interest charges and even more debt than you had before. If you find that you need to repeatedly apply for payday loans to cover debt and financial problems than you may well be encouraged to seek debt advice or other forms of lending, as a payday loan is an expensive form of borrowing in the long term.

 

The repayments, like the rest of the process, are simple and easy-the money will be taken from your debit card or bank account on the day you agreed in the application process. This makes life very easy for you-all you need to do is make sure that the money is in your account. If you do not have a debit card then there are other options-payments can be taken via standing order or BACS to make it even more straight forward.

Representative APR Example 277.5%

An example of a payday loan through Mini Loan Shop, Representative APR Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). The APR you pay will vary depending on which lender that accepts your loan, so always make sure you read the terms and conditions before entering into a loan agreement.

 

MiniLoanShop.co.uk

Warning:

Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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APR Explained

Representative 277.5% APR (variable)

  • Representative APR Example:
  • Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable).
  • Note: this is an average representative APR. Your rate could vary depending on the payday or short term loan lender that accepts you