Urgent information need re:Payday express

Smokealot

Hi All,

needing some advice.

I have a payday loan with payday express, i defered the loan on my last payday.

Capital is 520 and interest for the month 130, so a total of 650 on my next payday.

today I phoned up (within 14 days of the loan being setup for this month) and paid back 470.

what express are saying to me is that the full interest for the month has been applied and my balance is 180.

I believe and hoping im right is that within fourteen days of the loan being setup I can pay back the capital with only interest charged at a daily rate.

so to me seeing as i paid back 470 of the original capital i should only have incurred 60 in interest. i.e 520 + 60 = 470

this would leave me with capital of 110 and the new interest to be added would be 33. i.e 110 + 33 = 143.

anyone agree / disagree?

need to phone back the manager but if im wrong ill accept it and get on with things

tell_it_how_it_is

Having not had one, I can't say for certain, but I believe that what you sign up for is what you have to pay back, so when date X was set as the new due date £130 total interest was also set. I think staggering the repayment would be irrelevant.

On their FAQ page it mentions the following, which I'd read to concur with my thoughts (as it doesn't suggest it'd save you any money!):

What if I am paid weekly?

This does not matter - the loan will become repayable on the fourth payday after the funds are granted. Alternatively the repayments can be staggered over your next four paydays.

HTH