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Payday Loans or Instalment Loans?

10th April 2019

The different types of personal, short term loans can be hard to navigate. When you’re looking for a quick loan, there are two main varieties to choose between: payday loans or instalment loans (which you might see spelled as ‘installment loans’). cashasap.co.uk is an expert in both and have put together this guide to help you understand the difference between payday and instalment loans and to know which is better for you.

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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:

£150
£300
Your repayment date is:
Total amount to be repaid:
£ 363.97
Annual percentage rate:
2573 % APR

Representative Example: £300 loan for 18 days at a fixed interest rate of 290% pa. Total amount payable is £342.90 in one single repayment. This is based on the amount of credit plus interest, no other fees apply. Representative 1403% APR

Representative Example: £250 loan for 3 months at a fixed interest rate of 290% pa. Total amount payable is £321.51 in monthly instalments of £93.26, £124.38 and £103.87. This is based on the amount of credit plus interest, no other fees apply. Representative 1288% APR


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