See exactly what a payday loan really costs — the true APR, daily interest, rollover costs and the cheaper alternatives that could save you hundreds of pounds.
| Rollover | Total Borrowed | Fees Paid So Far | Total Repayable | Effective Cost |
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The FCA introduced a price cap in 2015: 0.8% daily interest, £15 default fee cap and a total cost cap of 100% of the borrowed amount. These protections helped but payday loans remain extremely expensive compared to alternatives.
Before FCA limits, lenders could roll loans over indefinitely. Now limited to 2 rollovers. But even 2 rollovers can triple the cost of a small loan. Our calculator shows the true cost at every rollover stage.