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  4. What does representative APR mean?
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  4. What does representative APR mean?
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  2. FAQs
  3. Interest and Fees
  4. What does representative APR mean?

What does representative APR mean?

Definition

The representative APR of a loan is the effective rate of interest that is paid by at least 51% of a company’s customers including all charges and fees.

  • The idea is to give you a fair indication of the actual total cost of a product.
  • This was introduced as a result of companies advertising low-interest rates (to appear cheap) but then adding lots of other fees and charges making the overall cost higher.
  • So the representative APRs listed below are for that lender.
  • Our representative APR is 49.5%
  • Therefore over 51% of our customers paid an effective rate of 49.5% for their loan with the lender they chose.

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What’s the Representative Example?

The representative example is all the costs associated with an example loan using the representative APR for that product.

  • To give you a fair indication of the monthly payment and total amount payable for the loan amount and term used.
  • The representative example for guarantorloansuk.net is:
    • If you borrow £4,000 over 36 months
    • At a Representative rate of 49.5% APR
    • An annual interest rate of 49.50% (variable)
    • You would pay 36 monthly installments of £194.52
    • The total charge for credit will be £3,002.72
    • The total amount payable £7,002.72

Our Lenders Representative APR’s

    • 118 Money – 49.9% APR
    • 1 Plus 1 – 47.8%
    • Auden – 235.83%
    • Bamboo Loans – 59.7%
    • Cash Float – 611.74%
    • Credit Spring – 43.1%
    • Creditstar – 100.96%
    • Dot Dot Loans – 1228.67%
    • Drafty – 89.7%
    • Everyday Loans – 99.9%
    • Fernovo – 1244.0%
    • Fintern – 89.7%
    • Fund Ourselves – 504.7%
    • Guarantor My Loan – 48.9%
    • Lending Stream – 1,333%
    • Loans 2 Go – 770%
    • Mal – 504.7%
    • Money Boat – 939.5%
    • Morses Club – 498.78%
    • Mr Lender – 1,256.4%
    • My Finance Club – 1,299%
    • One Stop Money Shop – 295.60%
    • Salad Money – 69.9%
    • Savvy – 1291.1%
    • Tappily – 49.7%
    • Tick Tock Loans – 1297.93%
    • TM Advances – 180.8%
    • UK Credit – 26.9%

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