What are the Charges?

Payday lending gives you fuss free access to the money that you need.

A payday loan is normally repayable with a charge of £25 for every £100 that you borrow. So for example, if you were to borrow £100 then you would typically repay £125, if you borrow £300 then you would typically repay £375. For further payback examples see below.

Why Does the APR Look so High?

The UK financial regulations that govern loan companies state that interest rates must be shown as an Annual Percentage Rate (APR). This means that they are calculated by how much interest you would pay on a yearly basis and therefore they are best suited to borrowing that takes place over a period of 12 months or more. As a payday loan is a short term option, usually lasting no longer than 31 days in total, APR is not really suitable to entirely represent how much interest will be re-paid by the borrower. It also makes it very difficult to measure how competitive various rates are.

Penalties relating to late or non-payment

At the time that you take out your loan the lender will make you aware of when you will be expected to repay the money and this will form part of your loan agreement. For whatever reason you feel that you may not or will not be able to meet this repayment date, you must contact your lender in the first instance. They will be able to discuss with you what their policy is and they can talk you through any options that are available.

Disclosure of Fees & Renewal policy

PaydayCube works on the basis of being as transparent as possible in order to make your loan transaction straight forward and easy. Any information that relates to fees, rates and payment structure will be provided up-front by our lending partners. This ensures that you are clear about what our responsibilities are as a broker and what you can expect from your lender.

We only advocate working with lenders who practise fairly, with competitive rates and a high level of customer service. Because we are not a direct creditor, any fees applied to your agreement are done so at the discretion of your lender. They will therefore be disclosed at the time of application and will be documented within your loan agreement. You will not be charged for using PaydayCube.

By using PaydayCube you will not be subject to:

  • - Application fees,
  • - Fast funding fees,
  • - Monthly account charges,
  • - Collection fees or
  • - Postal charges.