Payday loans

  • Regularly there are adverts on the TV and radio suggesting that if you are behind on your bills, you can take out a payday loan to cover costs in the short-term until your next pay package.
  • The money is paid straight into your bank account.
  • Be aware, these typically come with incredibly high payback/interest rates (APR- annual percentage rates), plus if you don’t pay it back within the time period, a late fee is charged.

Information sourced from the Money Advice Service website