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Should I take out a payday loan to pay off another payday loan?

11th January 2020

Using a short term loan to pay off another loan can lead to a spiral of debt that gets increasingly hard to escape from with every loan you take out. Not only that, but as the interest increases on the loan, you’ll need to borrow more to pay it off, so you’ll end up spending far more than if you’d paid off the first loan originally.

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

How much would you like to borrow:

£100
£400

How long do you need the money for?

1 day
35 days
Your repayment date is:
Total amount to be repaid:
£ 363.97
Annual percentage rate:
2573 % APR

Representative Example: £175 loan for 19 days at a fixed interest rate of 290% pa. Total amount payable is £201.42 in one single repayment. This is based on the amount of credit plus interest, no other fees apply. Representative 1390% APR

Representative Example: £250 loan for 3 months at a fixed interest rate of 290% pa. Total amount payable is £359.01 in three monthly repayments of £119.67. This is based on the amount of credit plus interest, no other fees apply. Representative 1238% APR


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