What is the difference between a payday loan and an instalment loan?

06th April 2022

Payday loans and instalment loans are both types of high cost short term credit (HCSTC). They operate in similar ways and many short term credit lenders offer both loan options as part of their service, so that their customers have the maximum flexibility in how they would like to borrow.

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

How much would you like to borrow:

How long would you like it for?
3 months
6 months

Your monthly repayments are:

Total amount to be repaid:
Annual percentage rate:
  % APR

Representative Example: £200 loan for 6 months at a fixed interest rate of 290% pa. Total amount payable is £359.71 in monthly instalments of £74.65, £71.73, £64.05, £58.76, £49.75 and £40.77. This is based on the amount of credit plus interest, no other fees apply. Representative 1266.9% APR

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