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Struggling with payday loan debts?

Take 20 minutes to get online debt advice

Use Debt Remedy

Payday loan calculator

If you're considering getting a payday loan our calculator can show you just how much one could cost you, and how quickly the debt could increase if you don't pay it back on time.

Payday loans might seem like a quick fix for a short-term money problem but if you can’t afford to pay the loan back on time, the debt can spiral into a much bigger problem. 

 

Payday loan calculator

Use the sliders to enter the loan details. We’ll show you an example of how the amount you pay back can soon spiral if you can’t repay it in full when it’s due.

Loan amount: £100
 
Loan period: 1 day
 

Calculate

What are the risks of getting a payday loan?

Most people take out a payday loan to cover a shortfall their income, or to pay a one-off expense they can't afford.

Because payday loans have such high interest rates you might not have enough money to last until your next payday once you've repaid your loan. If this happens it can seem like a good idea to take out another loan, or rollover the balance until the next month.

This can quickly cause you to become reliant on payday loans and your financial situation can become difficult to deal with.

Need help with payday loan debts?

Free online debt advice in 20 mins

Get help with Debt Remedy

Or call our expert debt advisors

0800 138 1111

8am to 8pm Monday to Friday, 8am to 4pm Saturday. Freephone inc. mobiles.

Should I get a payday loan?

If you're considering a payday loan, make sure you know exactly how much it could cost you and the risks involved. There's a good chance that a payday loan isn't a good idea, especially if you're going to use it to pay for essential costs, bills or to repay your debts.

If you're using a payday loan to repay your debts, this is a sign that you could have a debt problem. We'd recommend getitng expert debt advice.

If you need the money for a one-off cost such as a car repair, you should look at the cheaper alternatives that might be available to you such as:

  • Your local credit union: Credit unions are likely to be far cheaper than payday loans.
  • Selling unwanted items: Having a clear out can help you turn items into quick cash
  • Budgeting: Reducing your outgoings might be enough to avoid the payday loan trap
  • Ask family or friends for help: A loan from friends or family could save a lot of worry and cost less than a payday loan

Payday loan help and advice

If you've taken out a payday loan and you're struggling to repay it we know how difficult it can be to get out of the payday loan cycle, but we can help.

Our expert advice can help you find ways to deal with your payday loans, and we'll give you practical advice on getting your finances back on track and preventing you from getting into further debt.

"They were so kind, they listened patiently and helped me through the process" Alison, Kent

Use our online Debt Remedy tool to get impartial, confidential advice on your options. It only takes around 20 minutes and will give you simple steps for you to follow to get the help you need. This will also include information on how to deal with your payday loan payments.

If you'd prefer to talk to us, you can speak to our Helpline advisors (free from all mobiles and landlines). Our expert advisors can advise you on the best way to deal with your debts.