Skip to main content

What Borrowing Costs

Understand the price of a loan before you agree to it.

Every loan offer has to show you its cost in a standard way before you sign, so you can compare one lender with another. These guides explain what those figures mean, how to cut the cost by paying off sooner, and what happens to the price if a payment is missed.

Where Your Money Goes

Everything you repay on a loan falls into one of three parts.

Amount borrowed
The money paid into your bank account. You always repay this in full.
Interest
The lender's price for lending to you. The longer you borrow, the more you pay – which is why repaying early saves money.
Charges
Only if something goes wrong, such as a late or missed payment. Pay on time and this part stays at zero.

Quick Loans never charges you a fee for arranging your loan. We are paid by the lender, so nothing is added to what you repay.