Costs
We charge £25 per £100 borrowed and that's all.
If you borrow £100, you will repay £125.
There are no administrative costs to set up your loan.
Why is your APR high?
APRs are a good way of comparing similar products but are not effective when comparing different products. As payday loans are for a short time, until payday and APR is generally used to compare loans over a longer period. 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 percent of the loan is hugely different – and much lower with a payday loan.
You can also compare a payday loan against an unauthorised overdraft. Banks do not have to quote APRs for charges on unauthorised borrowing but the following example shows how the APR works for going just £5 over your overdraft limit and being charged just one £25 fee.
This is why we focus on telling you very clearly how much you repay in total rather than on the APR.
Payday Loans
What are they?
Payday loans are quick small loans, up to £750. They are paid into your bank account and are repaid on your payday. Payday Power loans are 100% online, so you get an instant decision with no documents to fax. Bad credit is accepted as there is no credit check. Money can be deposited into your account on the same day you apply.
Rules:
You need to be:
- Over 18 years old
- Employed full-time
- Take home more than £750 a month
- Have a bank with a valid debit card
Our Charges
We charge £25 for every £100 borrowed and nothing more!
Typical APR 1355%
Repay on your payday.
Get Paid Today!
- Borrow £80 - £750 Today
- No Credit Checks
- Fastest UK Loans Online!
