Research from price comparison service, uSwitch.com, has found payday loans offer quick and easy cash. However, they are one of the most expensive forms of UK loans, with some APR’s of up to 9889.3%.
A consumer with a payday loan of £750 could end up owing £1,687.50 if they defer repayments for five months.
It is advisable payday loans are best reserved as a product of last resort. As loan interest rates offered may not be competitive by comparison to high street rates.