Payday loans offer an ideal and cost effective way of borrowing money short-term. Unlike overdraft rates and banking charges, our charges are totally transparent. Customers know exactly what they are borrowing, how much it will cost and how much they will have to pay back and when nothing hidden and no nasty surprises.Why APR’s are misleading. We believe the current APR system is totally irrelevant for our customers and we would like to see a much more meaningful way of expressing charges. Payday loans automatically look expensive because of the APR system however the APR system is designed for longer term lending. The fact of the matter is that the straight forward interest charges which we make are totally transparent and there are no hidden charges. A customer borrows £100 and pays back £129.50 within 40 days and that is it, click here to see our charges.Sadly some in the media and those who do not understand how the system works highlight payday loans as poor value and excessive charging. This is due to providers having to comply with out of date and irrelevant legislation. Once people understand the simplicity and transparency of the charging structure, they understand that APR’s are simply irrelevant in this market.Responsible lendingWageDayAdvance is committed to responsible lending and adheres strictly to the rules laid down by the Consumer Credit Act. Payday loans are designed only to be short-term loans to cover cash shortfalls and are not an efficient way of borrowing longer term.We ensure that customers can afford their loan before we approve it. The initial amount a customer can borrow is limited to £400 first time round so we can make sure that they can afford to pay at a lower level of loan.We also make it very clear to customers that payday loans are not the most cost effective way to borrow money over a longer term and that they are designed to be for 40 days only. We don’t recall seeing many banks saying on their products that this may not be an effective way to borrow!The amount we allow people to borrow is, in real terms, very low. You can go on the internet today and borrow tens of thousands of pounds with little trouble and this is an amount of money that can get people into serious problems. With payday loans you can only borrow a very small amount.To find out more about our payday loans please click here:- Payday loans no credit check

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