Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: £400 borrowed for 30 days.
Total amount repayable is £459.36. Interest charged is £59.36, interest rate 180.5% (variable). Representative 728.9% APR.
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Pay day loan

A realtively small amount of money lent on an agreement it will be repaid when the borrower received their next wage.

Bad credit history

If you have a history of failing to repay loans then various credit scoring companies will begin to notify potential creditors that you have a bad credit history. Having a bad credit history can impact negatively on your ability to find a loan.

Loan calculator

A loan calculator is an automated service which provides you with the means to calculate the total amount that you will repay to your creditor as well as the amount of any installments payable.

APR (annual percentage rate)

Whenever interest rates are quoted they are generally quoted as if you were going to take the loan out for a year, as an Annual Percentage Rate. This is the case even when you are taking out a short-term loan such as a payday loan.


This is the amount, as a percentage of the amount you borrow, that you pay your creditor in return for the money borrowed. Interest is what enables the loan provider to function as a business.


Many loan providers offer only secured loans. This means that you pledge one of your assets (something you own) as collateral for the loan. If you fail to pay off the loan, the creditor automatically gains ownership of the collateral e.g a house or a car.

Unsecured loan

An unsecured loan is one which is obtained without being secured against any collateral. This type of loan is easier to obtain if you do not own any large assets, e.g if you are not a homeowner or a car owner.


The organisation who lends you the money is more formally known as a creditor. This is because they provide you with credit which is another word for a sum of money that has been loaned.


The debtor is a more formal term for the person who borrows the money from the creditor. We rarely use this word.


In order to be able to repay your loan on time you are going to need to budget. This means planning your monthly income and outgoings to make sure that you have money to pay for everything you need, including your loan repayments.

Total repayment amount

This is the amount that you will pay your creditor overall, and is larger than the amount you initially borrowed as it takes into account interest and any charges levied. A loan calculator can help you calculate your total repayment amount.

Loan term

Your loan term is the amount of time that you have been given to repay the money. With a pay day loan this is usually payable within 31 days as most people are paid monthly.


An installment is a chunk of your loan that you pay off in one go. Loan providers typically break up loan repayments into installments to make them easier to manage.