Payday loans with high interest rates are advertised as a stopgap until your pepper money personal loans payday. But what if you can't pay them back. Taking out a new payday loan every month to pay for the last one leads to spiralling costs. Nations cash payday loan, British and Broke presenter Miquita Oliver shows the payday loan interest calculator in action.
BBC Three documentary Young, British and Broke: The Truth about Payday Loans shows the stories of several young people who 'refinanced' payday loans - took out a new loan with another company to pay off the first loan, including any interest owed. The risk of this is that you are paying interest on a bigger and bigger balance each month.
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Term of the loan. The size of the loan will to some extent determine the term of the loan. It is, for example, difficult to pay off a £7,000 loan in just one year as the monthly payments would be relatively high. However, if you borrow only £1,000, a term of 12 months is more manageable. You also have to consider the cost implications of the loan term as the longer the term, the lower the monthly payments but the higher the total cost.
For example, lets say you borrow £3,000 over nations cash payday loan years at 7. The monthly payments would be £93, so you would pay total interest of £348.
If you extended the term to five years, the monthly payments would drop to £60, but you would pay £600 in total interest.