The annual percentage rate for payday loans in the UK is one of the highest in Europe

RIGA, Latvia - Sept. 30, 2013 - PRLog -- In some European countries, the annual percentage rates for express loans differ among each other by more than 100 times. Moneyguru24.com, a company specializing in comparisons between express loanshave compared the annual percentage rates of 10 European countries.

The express loans are most expensive for the consumers of three countries – Spain, England, and Denmark. In those countries, the average charge for express money amounts to 2733%, 2353%, and 1257%, respectively. Furthermore, some express loan companies in England charge a yearly interest rate of up to 5550% which is an absolute record among the 10 countries.

The group of countries with moderate express loan charges includes Germany (365%), Estonia, (427%), Finland (400%), and Sweden (716%). The overall picture for the 10 countries can be seen here (http://www.moneyguru24.com/Content/Themes/Images/blog/EuropeLoansAPR.jpg).

The first place in low-cost loan resources belongs to Netherlands where the average market rate on express loans costs customers 122%/year. The average yearly interest rate on sms-loans in Lithuania is a little higher – 173%. In that country, unlike the majority of EU countries, the law imposes a limit on the interest rate on express loans. In Lithuania, the loans cannot cost consumers more than 200%/year.

According to the study conducted by Moneyguru24.com (http://www.moneyguru24.com/), the average yearly interest rate on express loans in those 10 European countries comes to 888%. This is almost 3 times lower than the average interest rate in UK and 7 times higher than that in the Netherlands.

Interestingly, in most of the countries, loans are granted to young people 18 years old or older. Only i