Charges

Charges for payday loans are designed to be as simple to understand, as the application is to fill out. There is a flat rate charged on all payday loans and is equitable to $25 per every $100 borrowed. So that means that if you were to borrow the amount of $100 you would then repay $125. Likewise, if you to borrow $200 your repayment amount would be $250. This ensures that you are under no false pretences over what is going to be repaid and when.

To see what you will be expected to repay just take a look at the quick reference charges table below.

Your Loan Amount Your Payback Amount
$100 $125
$200 $250
$300 $375
$400 $500
$500 $625
$600 $750
$700 $875
$800 $1000
$1000 $1225

 

Representative 3257.5% APR Representative Example: £200 borrowed for 28 days. Annual interest rate of 446.3% (fixed). Total amount repayable by one repayment is £250.

Interest rates

The interest for same day cash loans could appear to be rather exorbitant if you were to just read the APR. This is because the APR is a figure that expresses the interest were the loan to be rapid over a period of 12-months and not the repayment period of 30-60 days. As per the repayment period of payday loans.

The Annual Percentage Rate (APR) is a great tool to compare financial products that are repaid over a longer period of time – typically over 1-year. However, as online loans are repaid on a customers’ next payday, typically no more than 30 days, this yearly percentage doesn’t paint the full picture.

We are, however, required by law to show the APR for the loans offered through Bonza Payday and this is why you will see them clearly advertised throughout the website.