Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
Payday loans are now well regulated in UK, loan interest rates are caped with 0.8% daily. Lenders have very little margins to vary interest rate from person to person. Lenders have to show APR publicly what they are offering. Loan default penalty is restricted to a small amount, and total repayable loan amount is fixed as not more than original loan. So in UK, payday loans are defined in best possible way to safeguard borrowers rights.
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292% per year. 1272% APR Representative.
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