Lender in Focus 15.4: PayDay Express how repayments work & APR

payday express apr

payday express apr

If you want to compare Payday Express with other short-term lenders, the Payday Express APR is a good place to begin.

Before agreeing to take out any loan, it is important that you fully understand all of the costs involved. In order for you to be able to make cost comparisons with other lenders, all short-term lenders should provide you with their representative APR.

The representative APR of a loan provider should be visible on its website and on any adverts it commissions.

Not everyone who takes out a loan will get the advertised representative APR. We will go into more detail about this later on. However, comparing the representative APR is still a good place to start when you are looking for the best deal.

Payment schedule

Customers can apply to borrow between £100 and £2,000 from Payday Express, over a period of 1 to 12 months.

However, not all loan amounts are available for the full 12-month loan term. For example, if you want to borrow £150, you will only be able to repay your loan over a maximum of 6 months.

How much you can borrow and the term of loan available to you will be dependent upon Payday Express’ credit and affordability checks, which will be carried out when you apply for your loan.

How are repayments taken?

If you are approved for a loan, you will repay your loan via Continuous Payment Authority (CPA) on your pre-agreed repayment dates.

Lender in Focus 15.4: PayDay Express how repayments work & APR

CPA allows Payday Express to take your loan repayments from your bank account via your debit card.

You are able to cancel the CPA at any time by calling, emailing or writing to Payday Express. If you wish to cancel the CPA, you will need to contact Payday Express by close of business on the day before your payment is due. This is so that they have time to process your request before your next repayment is taken.

If you opt to cancel CPA, you must provide Payday Express with an alternative repayment method and ensure that you continue to repay your loan.

How much will my repayments be?

How much your repayments will be depends on how much you borrow and the length of time you would like to repay your loan.

Interest is charged at a daily rate of between 0.36% and 0.8%, depending on your loan term. This means that you will pay interest of between 36p and 80p per day, per £100 borrowed.

You can use the calculator on the Payday Express website to see how much your loan could cost you.

Will I be charged less if I repay my loan early?

Lender in Focus 15.4: PayDay Express how repayments work & APR

Yes. Interest is charged by the day. You will only pay interest on the amount of days you have had your loan for.

This means that if you choose to repay your loan early, you could save money on interest.

You are able to make a repayment at any time by logging into your online account on Payday Express’ website.

Can I change my repayment dates after I have taken out a loan with Payday Express?

If you need to change your repayment date/s, you must call Payday Express as soon as possible.

When applying for a loan, you will provide Payday Express with your payday. If your payday changes, you only need to inform Payday Express, if you are applying for a new loan or you want Payday Express to change the dates that it takes your repayments.

Table of borrowing

The table below contains examples of what you could expect to pay back if you took out a loan with Payday Express:

Loan amount1 month6 months12 months
£150.00Dependent on your next payday £172.62N/A
£500.00Dependent on your next payday £863.04£903.72
£750.00Dependent on your next payday £1294.56£1355.64
£1000.00Dependent on your next payday £1726.08£1807.56

What is the Payday Express APR?

APR means Annual Percentage Rate.

The Payday Express APR is a good way to compare the cost of your loan with Payday Express, with the amount it would cost you to take out a loan with other lenders.

The Payday Express representative APR is 1164%.

Not all customers who apply for a loan with Payday Express will get this rate. At least 51% of successful applicants have to receive this representative rate. Up to 49% of people who take out a loan with Payday Express may not end up with their representative rate. Many people could be offered a higher rate.

This does not detract from the fact that the representative APR is still a useful tool to compare different loan providers.

How does the Payday Express APR compare to the APR of other lenders?

Lender in Focus 15.4: PayDay Express how repayments work & APR

CashLady has picked out some lenders at random so that you can make a comparison:


QuickQuid’s representative APR is 1294.1%.

For example: Amount of credit: £300 for 65 days with one repayment of £78.00 and one repayment of £378.00. Interest: £156.00. Interest rate: 292% pa (fixed).

WageDay Advance

WageDay Advance has a representative APR of 1294.1%.

For example: If you borrowed £200 for 28 days with WageDay Advance, you could expect to repay £244.80 in total, of which £44.80 would be interest.


PaydayUK has a representative APR of 1178%.

For example: If you took out a loan of £300 for 3 months, you could expect to pay back a total of £492.63.

Total loan value repayment cap

Payday Express is an FCA-authorised and regulated lender and therefore must adhere to these rules:

  • Fees and interest per day must not exceed 0.8% of the amount borrowed
  • Default fees must not exceed £15, although interest can still be charged after default (but only at or below the initial rate)
  • Borrowers will never pay more in interest and fees than 100% of the total amount they borrowed.

Therefore, you should never pay back more than twice of what you borrow from Payday Express.

Cash Lady

See the CashLady for useful information related to payday loans, financial management tips and more.