Our Charges

Our fee structure is set out in the examples table, no other interest are payable unless you fail to honour repayment. Loans are available from £100 to £150 for new customers and up to £500 for existing customers. There are no arrangement fees to set up the loan. *

Representative Example

 

Amount of Credit	£200 for 31 days
The Total Repayable to be repaid in one installment on your next payday	£272
The Total Charge for Credit (all interest)	£72
Interest is at a fixed rate of £36 per £100 borrowed ( 424% per annum)
Representative 3635.19%APR

*We charge £36 per £100 borrowed for NEW loans!

Representative 3635.19%APR
Explain this / Representative example Amount of Credit : £200 for 31 days

The Total Repayable: £272 to be repaid in one instalment on your next payday

The Total Charge for Credit : £72 (all interest)

Representative 3635.19%APR

Interest is at a fixed rate of £36 per £100 borrowed (424% per annum)

Extensions

You may request an extension of your loan by logging into your personal account, and selecting the “Request an Extension” link or by calling our Customer Services Team. Such requests must be received by 17:00* at least two working days prior to your due date.

*All times listed refer to British Summer Time (BST) between the dates of 25 March and 28 October, otherwise all times are listed in Greenwich Mean Time (GMT).

 

APR Explained - Why Does It Seem So High?

We understand that a four-digit APR number looks very high! But here we’ll explain exactly what the APR means.

The Annual Percentage Rate (APR) is an annualised calculation and is a common method of comparing money that is loaned over a period of at least 12 months. By law all credit providers have to display this figure.

APR’s are calculated based on paying a fixed amount of interest annually, are more intended for mortgages and credit cards and do not suit cash loans. However, Payday loans are set for a period of 31 days not a year so it’s not surprising the APR for a payday loans seems so high compared with other financial products. In simple terms, the interest rate for a payday loan of 31 days is compounded several times over to generate the enormous APR. We would prefer to focus on the amount you pay back in total rather than on APR.

Typically, when you borrow £100 for a period of 31 days, you will have to repay a total amount of £136 (the original £100 plus £36 in fees). If you borrowed £100 and paid back £36 every month for a year it would be very expensive. Payday loans are meant to be short-term emergency loans, and you should not use a payday loan to borrow money for a term anywhere close to a year in length.

At Countrywide Payday, we want to make sure that you understand exactly how much your loan will cost and make sure you understand how much you will owe at each point in time (each month). Please try to pay off your loan as quickly as you possible.