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Payday Loan Charges | Cheapest Payday Loans | Relaxcash

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Still interested in taking out a loan. There are a few things you should do first. Firstly examine the overall cost of the loan before you finalise the agreement. You must be able to afford it. We urge you to only ever borrow what you are certain you will be able to pay back. Here is a good way to see if a loan might be a good short-term option for you:

What is your monthly disposable income? Got it?

Now, take away from this the total cost of your loan. Got anything left? Good – maybe a loan is the answer for you.

We have bags of experience as a provider in the financial industry and we have built up a superb reputation for service excellence. The bedrock of this is making sure all our customers have the proper and full facts to enable them to make the best decision for their situation.

You can apply to borrow as little as £80 or as much as £750. But please take some time before you apply to make sure you will be able to repay the loan.

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£80

7 days

You pay back:     £352.80
Total loan cost: £72.80*

Every firm that works within the UK finance industry legally has to show interest rates using the Annual Percentage Rate. More commonly it is referred to as APR. This works well for personal loans which are taken over much longer periods than short-term or payday loans. However, for short-term agreements it becomes difficult to compare like-for-like. Instead compare how much the loan will cost you in total.

Let us explain further. The repayments for a personal loan could be over a 5 year period. Much longer than a payday loan. Let’s say that personal loan is for £15,000, by the end you would have paid an extra £4,981.92 on top of your loan. That is 33.2% of the original loan value.

Let’s match up the payday loan comparatively with the 24% charged over a 30-day period. The overall cost per £1 borrowed is LOWER with the short-term loan.


Comparing Payday Loans and Personal Unsecured Loans

Example of a payday loan:

  • Loan: £200

  • Period: 30-day

  • Total cost: £248

  • Interest: £48

  • APR: 1269.7%

For every £1.00 borrowed, £1.24 would be paid back

Example of a payday loan:

  • Loan: £15,000

  • Period: 60-month

  • Total cost: £19,981.92

  • Interest: £4,981.92

  • APR: 15.9%

For every £1.00 borrowed, £1.33 would be paid back


Instant cash loans from £80 to £750

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Consumer Advisory: We are a loan matching service. We submit the data you provide to a loan provider. Once approved the lender might want to ask you more questions via their website, email or phone.

Relax Cash is not a lender. Terms of loans differ due to various factors including lenders and applicants’ requirements. Late or missed payments may be subject to increased fees. Not all lenders will offer the full amount of £750 and not all applicants will be accepted for the loan they requested. Repayment periods differ from lender to lender. Collection services may be used for non-payment.

Relax Cash is not a lender. Terms of loans differ due to various factors including lenders and applicants’ requirements. Late or missed payments may be subject to increased fees. Not all lenders will offer the full amount of £750 and not all applicants will be accepted for the loan they requested. Repayment periods differ from lender to lender. Collection services may be used for non-payment.

Representative 1223.6% APR

Representative Example: 1223.6% APR variable. £100 borrowed over 30 days would equal total borrowing of £124.00. Actual Interest is 24%.

Note: the APR you pay may differ depending on the lender that accepts you.

Relax Cash is a trading style of Atlantic Square Limited registered in England and Wales, company registration number SC182075. Atlantic Square is authorised and regulated by the Financial Conduct Authority, reference number 659330. Registered Office Address: Atlantic Square Limited, Homelea House, Quarriers Village, Bridge of Weir, Renfrewshire, PA11 3XS.

*Fund transfer times may vary based on the matched UK money lender, time of day applied and your bank.

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