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.
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%
Find out what you could borrow and the costs
ZERO FEES / FAST / NO CREDIT SCORE IMPACT / NO OBLIGATION
