Representative example on a loan of £200 repaid after 30 days: Total charge for credit: £248 Payable in one payment of: £248 Interest: £48 Interest rate: 292% p.a. Representative APR: 1223.6%
|
VERIFIED 18/08/2025
Day payday loans, also known as daily payday loans, can be more efficient and effective if cash is needed for a very short period of time. The longer the days, the more you pay on interest charges. Day payday loans interest charges are calculated on a daily basis at 0.8% per day. If you borrow £100, for 5 days, will cost you £4 in interest this making the new loan repayment balance to £104. If borrowed for longer, you will be paying, using this example, £0.80 a day. This is based on the capped rate for the UK at 24% monthly and 292% per annum.