£80-£1,000 in your bank today.

Don't be afraid when you see those scary representative APR numbers posted throughout our site. They are not as scary as they look, and we'll explain why.

There are rules and regulations that the financial industry must abide by, including payday loan lenders. At Make Today Payday our job is to match you with a trusted and qualified lender based on your individual information. We offer this match process as a free service to you.

Payday loans are generally paid back in 1 to 31 days. APR (annual percentage rate) is an amount that is calculated based on one year. APR was meant to be used when calculating the cost of loans (mortgages) or credit card balances. Since a payday loan is a type of loan, we also must display APR to you. The APR may seem very high, but it is based on a year, and it also factors in interest compounded many times over (which you will not incur since our loans are taken for a maximum of 31 days).

As you may agree, APR is not quite the best way to represent the value of a payday loan.

As seen across our site, our representative example shows borrowing £550 for 29 days. The total charge for credit is £137.50. Interest is fixed at a rate of 300% p.a. The Total Amount Repayable is 1 payment of £687.50. Please note that this is only an example.

The best thing to do when securing a payday loan is to know the full cost of repayment. You will have a chance to ask for this amount prior to "signing on the dotted line" for your payday loan. Final numbers will be presented to you after the application process and after you have reviewed the terms of repayment, which do not take long at all.

We hope this puts your mind at ease regarding the "scary" rates you see posted for your payday loans.

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