Lender in Focus 14.4: Pounds Till Payday how repayments work & APR

pounds till payday apr

pounds till payday apr

The Pounds Till Payday APR is a good place to start if you want to compare Pounds Till Payday with other short-term lenders.

It is important to ensure that you fully understand all of the potential costs involved before taking out any loan. So that you can make cost comparisons with other loan providers, lenders who offer short-term loans, should always inform you of what their APR is.

It is worth noting that you may not be offered the representative APR if you are approved for a loan with any lender. More about this later on.

Payment schedule

If you choose to take out a loan with Pounds Till Payday, you will be able to apply to borrow between £150 and £750, as a new customer.

Existing customers can apply to borrow up to £1,500.

Although Pounds Till Payday offers payday loans up to these amounts, you will not know how much you can borrow until you apply for a loan. Your approved loan amount will depend on factors such as your monthly expenses and your net income.

You can opt to pay your loan back over a period of 1 to 5 months. However, if you would like to borrow £150, you will only have a choice of paying it back over 1 or 2 months.

How are repayments taken?qu

Repayments will be automatically taken from your bank account (you will provide the necessary details when you apply for the loan) when they are due.

Lender in Focus 14.4: Pounds Till Payday how repayments work & APR

You will need to ensure that the funds are available in your bank for Pounds Till Payday to take the money. If you miss a repayment, Pounds Till Payday could charge you a fee of up to £15. Missed repayments could also negatively impact your credit score and your ability to get another loan in the future (with any lender).

If you think you might miss a repayment, it is important to contact Pounds Till Payday as soon as possible.

How much will my repayments be?

How much your repayments will be depends on how much you borrow and the term of your loan.

Pounds Till Payday charges its customers a daily interest rate of 0.8% on the outstanding principal loan amount.

You can get an estimate of how much you could expect to repay by using the calculator on Pounds Till Payday’s website.

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

As interest is charged daily, you could save money if you choose to repay your loan early.

Lender in Focus 14.4: Pounds Till Payday how repayments work & APR

For example, if you take out a loan with a 5-month term and decide to pay it back in full after only 2 months, you will only pay interest on your loan for the days that your balance was outstanding. You would, therefore, pay less interest than would have originally been calculated on your 5-month loan term.

Pounds Till Payday says that it will not charge its customer’s early repayment fees.

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

No, unfortunately, Pounds Till Payday cannot change your repayment dates, as these will have already been generated on your loan application.

If you miss a repayment or think you are not going to be able to make a scheduled repayment, you should contact Pounds Till Payday as soon as possible on 0800 086 9226 or by emailing payments@poundstillpayday.co.uk.

Table of borrowing

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

Loan amount1 month3 months5 months


What is the Pounds Till Payday APR?

APR means Annual Percentage Rate.

The Pounds Till Payday APR is a good way to compare Pounds Till Payday’s interest costs with those of other loan providers.

The Pounds Till Payday representative APR is 1304%.

Not all customers who apply for a loan with Pounds Till Payday will get this rate. A minimum of 51% of successful applicants has to receive this representative rate. This means that up to 49% of people who take out a loan with Pounds Till Payday may not get their representative rate. In fact, many people could be offered a higher rate.

However, the representative APR is still a useful tool to compare different lenders.

How does the Pounds Till Payday APR compare to the APR of other lenders?

Lender in Focus 14.4: Pounds Till Payday how repayments work & APR

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

WageDay Advance (stopped trading)

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.


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).


PaydayUK (who are no longer trading as of 2018)  had 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

As an FCA-authorised and regulated lender, Pounds Till Payday 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.

This means that you should never pay back more than twice of what you borrow from Pounds Till Payday.