If you are looking for a small loan under £500 pounds we recommend getting a short-term payday loan. Payday loans can be very useful if you borrow a small amount and pay it back straight away. Like all loans, you should never take a loan unless you really need to. Online quick loans should only be taken out to help with emergency situations, where a small loan is required to help pay.

On this £100, £200 and £500 loan page, we will show a comparison of different payday loan amounts, and the total amount of interest payable. This is to demonstrate the importance of finding the best rates available to you and that you only borrow the amount of money that you need.

Please note that these results are using a representative APR which may vary and are not personalised.

Interest on £100-pound loan paid back in 30 days

In this comparison, we have searched for £100 to be paid back in 30 days and using the website https://paydayloans.money.co.uk/ (data as of 07/10/18).

The results have shown the lender with the lowest rates are offering a £100 loan with a representative APR of 378% with a total repayment of £113.50. This gives a total cost of interest of £13.50 to be paid back on the loan.

The lender with the highest rates for the £100 loan has a representative APR of 1575% and a total repayment of £138.54. This is an interest repayment of £38.54.

The difference between the highest rates and the lowest rates is a £25.04.

100 payday loan picture

Interest on £200-pound Loan paid back in 30 days

We carried out a similar comparison to the £100 loan but with a £200 loan instead, using the same website.

The lender with the lowest rates on the £200 loan has a representative APR of 378% and the total repayment was £227. The interest repayment was, therefore, a total of £27.

The lender with the highest rates on a £200 loan had a representative APR of 1575%, the total repayment was £277.08 with a total cost of interest to repay is £77.08

The difference between the highest rates and lowest rates is £50.08

£200 pound payday loan picture

Interest on a £500-pound Loan paid back in 30 days

As above, again we used the same website and changed the loan amount to £500 pounds.

The lender with the lowest rates on the £500 loan had a representative APR of 378% and the total repayment is £567.50 with a total cost of interest being £67.50.

The lender with the highest rates had a representative APR 1575% and the total repayment is £692.71. The total cost to borrow this amount was £192.71

The difference between the lowest rates and the highest rates is £125.21

£500 pound payday loan comparison

Comparing £100 payday loan to a £500 payday loan

£100 and £500 pound payday loan comparison

What does this show?

Well if you are looking for a very bad credit loan with no guarantor then this shows the importance of borrowing exactly how much you need and not taking more just because you’re getting a loan. Bad credit customers will more than likely be paying the highest rates.

So if you are thinking of taking an extra £200 for a bit of retail therapy or to head out for the weekend, we would strongly recommend you seriously consider this as you could end up paying an extra £76 in interest alone.

The importance of shopping around or getting a pingtree loan

The more money you borrow, the more important it is that you get the best rates to your circumstances. As you can see from the £500 loan comparison, the difference from the lowest rates to the highest rates is £125.21.

What is the best way to get the lowest rates to my circumstances?

Pingtree loans through 1stclassloans.co.uk will guarantee you get the best rates from a large panel of lenders, which is one of the largest panels of lenders in the UK made up of around 40+ FCA approved lenders.

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