What about repayment?

Usually, payment dates are based on your own pay schedule. Your first payment will be due no less than 21 days from the date your loan was taken out regardless of your next payday. When you’re filling out your application, you’ll be given a choice of three different repayment terms:

One Pay Period: You may choose to repay the entire amount of your loan plus interest on your first wage day after receipt once the 21-day minimum grace period has passed.

Two Pay Periods: You may also have the option to pay back your loan over the course of two pay periods. On your first scheduled payment date, you’ll pay the accrued interest up to that point with the original loan amount and further interest due for the following payment.

Three Pay Periods: If you opt for this choice, your first two payments will consist of accrued interest, and the final payment will include the initial loan amount plus additional interest.

A clear summary of your payment dates and amounts should be clear to you before beginning the process. After this, automatic withdrawal of payments from your bank account or prepaid debit card will then begin. If you’re in a position to pay more than the minimum payment, you’re welcome to do so without penalties or additional fees; in fact, doing so will reduce the overall amount of interest you’ll pay.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.