See the real cost of a payday or short-term loan — total interest and charges, the total repayable and whether it stays within the FCA price cap — from the amount, number of days and daily rate.
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⚠Total repayable
124£
Total charges24 £
Cap statusWithin cap
Total repayable124 £
Checked against the FCA cap: 0.8% a day, £15 maximum default fee, and never more than 100% of the amount borrowed in charges.
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What a payday loan really costs. Enter the amount, number of days, daily rate and any default fee to see the total charges, the total repayable and whether it stays within the FCA price cap. Instant, in your browser, no account.
⚖︎ Results are for informational purposes and do not constitute tax advice. For specific situations, consult a licensed accountant or the relevant tax authority.
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iHow it is calculated
Interest builds daily on the amount borrowed; total repayable = amount + interest + fees. The result is checked against the FCA cap (CONC 5A): 0.8% per day, £15 maximum default fee, and never more than 100% of the amount borrowed in charges:
total repayable = amount + interest + fees
Borrow £100 for 30 days at the maximum 0.8% a day and the interest is £24, so you repay £124. Under the FCA cap you can never repay more than double what you borrowed — so on £100 the absolute maximum, including all fees and charges, is £200.
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?Frequently asked questions
What is the FCA price cap on payday loans?
Since 2015, high-cost short-term credit (HCSTC) is capped by the FCA: interest and fees cannot exceed 0.8% of the amount borrowed per day, default fees are capped at £15, and you can never pay more than 100% of the amount borrowed in total charges.
How much does £100 over 30 days cost?
At the maximum 0.8% a day, £100 borrowed for 30 days costs £24 in interest, so you would repay £124. That is the cap — a lender can charge less, but never more.
What is the most a payday loan can ever cost?
The total-cost cap means charges can never exceed 100% of the amount borrowed. So if you borrow £100, you can never repay more than £200 in total, no matter how long it runs or how many fees are added.
What is a default fee?
It is a one-off charge if you miss a payment. The FCA caps it at £15, and interest after default still cannot push the total over the 100% cap.
Are payday loans a good idea?
They are among the most expensive ways to borrow. Even within the cap, the effective APR is very high. Check whether a credit union, an arranged overdraft or a personal loan would cost far less first.
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