PaydayLoansOnline is a trusted and FCA-authorized direct lender based in the United Kingdom. This company specializes in providing its customers with unsecured small loans, ranging from ₤300 to ₤1500. These loans can be repaid over a time period of 3 to 9 months.

The representative annual interest rate provided by PaydayLoansOnline is 185.39% per annum. To give a specific example, if a customer borrows ₤700 for a period of 6 months, they will have to make an initial monthly repayment of ₤168.45, following four monthly repayments of ₤224.60 each, and a final repayment of ₤112.20. The total amount to be repaid in this case would be ₤1,179.05. This calculation includes all the applicable fees and results in a Representative Annual Percentage Rate (RAPR) of 611.74%.

An important aspect to mention is that the interest charged daily is capped at 0.798%. The company does provide a warning that late repayment of the loan can lead to serious monetary issues. For those requiring help with such situations, PaydayLoansOnline suggests visiting www.moneyhelper.org.uk.

PaydayLoansOnline offers loans to all UK citizens and funds can be received nationwide. These loans are often utilized by customers to cover short-term cash flow deficits. The company ensures that customers fully comprehend the nature, costs, and repayment structure of the loans before availing them. Some of the financial needs that the customers use these loans for include tuition fees, home and vehicle repair, medical bills, unexpected bills, and debt consolidation.

Overall, PaydayLoansOnline is an FCA-authorized direct lender that provides such short-term loans to meet immediate personal financial needs. But potential borrowers must remember that short-term loans often carry a high interest rate and late repayment can lead to serious financial problems. They must fully understand the terms and repayment structure before borrowing.

---