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Mostly, the sum lent under payday loans can differ from £100-£500, nevertheless, some payday loan companies have began offering loans up to £1500. The APR also varies from company to company but as a government regulation, the companies are needed to state their APR’s upfront. To take an example of a certain lending company, if a person borrows £200 for a period of 30 days, he or she would be expected to pay £258, the APR being 352.8%. The interest charged depends upon the duration of the loan plus the APR billed by distinctive lending institutions.

As has been mentioned earlier, the process to procure a payday loan is quite straightforward. A borrower requirements to supply a lot of info about his employment status so that the organizations can ensure that he/she earns a regular minimum quantity. Furthermore, a few forms have to be filled online and the loan is generally approved in a matter of one or two hours. The repayment needs to be done inside the stipulated loan period, ordinarily as a lump sum quantity. If a borrower fails to pay the loan, the loan period is extended by two weeks (the period can differ from company to company) even as the interest rates apply to the extended period as well. If the loan period is stretched repeatedly, it can prove to be very costly.