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Is a payday loan better than an overdraft?

08th September 2021

Payday loans and overdrafts are very common ways to borrow though each has a very different purpose. Overdrafts tend to be used for day to day cashflow management, whereas payday loans are designed to help with one-off emergency expenses or temporary cashflow shortfall between paydays.

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

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Representative Example: £200 loan for 6 months at a fixed interest rate of 290% pa. Total amount payable is £355.99 in monthly instalments of £65.11, £78.35, £64.05, £58.76, £48.16 and £41.56. This is based on the amount of credit plus interest, no other fees apply. Representative 1266.2% APR

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Is a payday loan better than an overdraft?

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