The word APR stands for “Annual Percentage Rate”. APR is calculated in a different manner than the interest rate. It is the yearly total amount of money that you need to pay besides the principal amount. It includes the interest rate amount plus other charges that you have agreed to pay while applying for the loan. If the annual interest rate is 45 % and the monthly charges are 5 % then the total APR on your loan would be 50 %.
Why You Should Check APR?
We believe in offering transparent lending solutions and hence request the prospective borrowers to get an idea about the total cost that they would be paying to us. You can also use our loan calculator to make out the exact monthly and yearly costs.
Suppose you have borrowed £3,000 over 3 years and if the fixed representative APR is 49.9% and monthly fees is £146.39, then the interest payable would be £2,269.91. The total repayable amount would be £5,269.91. Please note, in this case, the fixed annual interest rate is 41.2%.
Warning: A late repayment may attract a penalty fee. For more clarification, contact our customer care.
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