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Young, British and Broke presenter Miquita Oliver shows the payday loan interest calculator in action. BBC Three documentary Young, British and Broke: The Truth no interest personal loan agreement Payday Loans shows the stories of several young people who 'refinanced' payday loans - took out a new loan with another company to pay off the first loan, including any interest owed.
The risk of this is that you are paying interest on a bigger and bigger balance each month. If you refinance like this several times, the 'compounding' effect of the high interest rate can quickly spiral out of control. You can see how with this monthly interest calculator. On any borrowing, the two key things that affect the interest cost are the annual percentage rate of interest (APR) and how long you borrow for.
Drag the bar below to set the APR. Payday loans are typically 1000 to 6000 APR. Then hit PLAY to see how the interest would go up if you kept refinancing each month.