Our Charges
We charge £30 per £100 borrowed. There's no administration fees, no setup fees, no approval fees, just simply £30 per £100 borrowed. If you require a same day CHAPS transfer we will need to charge you £25 as this is the fee the banks charge us plus the processing cost; this fee is deducted from the amount that we put into your account so please take this into account when requesting a same day (CHAPS) transfer. If you are happy to wait for a day or two the standard bank transfer is free.
| Amount Borrowed | You Pay Back |
|---|---|
| £75 | £98 |
| £100 | £130 |
| £150 | £195 |
| £200 | £260 |
| £250 | £325 |
| £300 | £390 |
| £350 | £455 |
| £400 | £520 |
| £450 | £585 |
| £500 | £650 |
| £550 | £715 |
| £600 | £780 |
| £650 | £845 |
| £700 | £910 |
| £750 | £975 |
| £800 | £1,040 |
| £850 | £1,105 |
| £900 | £1,170 |
| £950 | £1,235 |
| £1,000 | £1,300 |
Typical APR 2964.4% on a 30 day loan.
Interest on the loan shall be calculated at a monthly rate of one twelfth of a nominal annual rate, the nominal annual rate being 360% per cent per annum and shall be charged on the balance of the loan outstanding on a daily basis where the loan and associated interest and charges not paid off in full on the repayment date. If the loan is not repaid on time, and charges or additional interest is applied, these charges and interest will be included within the balance owed and subject to interest and therefore compound interest will be charged.
Other charges applicable to this agreement:
- To call or write to you following a failed repayment of your loan £12
- To call or write to you regarding your outstanding debt £12
- If you move address during the duration of this agreement without first notifying Fortress Group, a tracing fee of £50
- Any other costs incurred in taking steps to enforce, or attempting to enforce, our rights under this loan agreement. Interest will be charged at the rate detailed in your loan agreement both before and after any court judgement from the date payment is due until the date payment is made in full.
Common Misconceptions: The quoted APR is very high
By law, APR's are calculated based on paying a fixed amount of interest on an annual basis. If you borrowed £100 and paid £30 every month for a year, these charges would be very high. In reality, payday loans are only for a maximum of a month and so the APR is not the most appropriate measure in this case. However, by law, we have to publish the APR using the FSA rules which make them appear expensive.
Payday loans are usually cheaper than bank charges for unauthorised usage - which would be your last resort?
