When looking for any type of finance people always want to beat other quotes so you can be safe in the knowledge that you have the best deal.

APR is the standard rate that everyone is familiar with when comparing loan quotes. Representative APR has also been added to online comparison sites recently to give, what many believe, is a more accurate view of what is going to be paid back.

The APR has often proved controversial also as some believe it is not a fair way of comparing different loans. Although not an 'at a glance' view, many prefer to simply look at the total payback and use that as a comparison tool. Just because the APR is lower does not always mean you are paying back less than a higher APR - which is where the confusion sets in.

Payday loans bring this APR issue even more to the front. APR is "Annual Percentage Rate" and quick cash payday loans are not borrowed over a period of longer than 1-6 weeks. Therefore APR isn't, many believe, a fair reflection.

You can argue that the reason the industry doesn't like APRs when it comes to payday loans is that it doesn't make them "look good." However, when you look at a 25yr mortgage there is a good chance you will pay more than double what you initially borrow at an APR of between 3-6%. Borrow £200 from a payday loan lender and you may pay back £250-£260 (not double) yet the APR could be 2000%+. Make sense? Not really.

In summary you may be in a better position to beat that quote of existing loans by using services, such as www.todayloan.co.uk, who search the market in their sector for you.