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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 Guarantor Lenders Representative APR’s

1

Amigo Loans

Representative APR 49.9%
Representative Example £4,000 over 3 years
Monthly Payment £195.16 per month
Annual Interest Rate Interest rate 49.9% (variable)
Total Payable £7,025.76
  More info on Amigo

2

Bamboo Loans

Representative APR 49.7%
Representative Example £2,600 over 3 years
Monthly Payment £126.61
Annual Interest Rate 41% Fixed
Total Payable £4,557.89
  More info on Bamboo

3

Buddy Loans

Representative APR 49.9%
Representative Example £3,250 over 3 years
Monthly Payment £158.57
Annual Interest Rate 41.16% Fixed
Total Payable £5,714.67
  More info on Buddy

4

George Banco

Representative APR 49.7%
Representative Example £3,500 over 3 years
Monthly Payment £170.56
Annual Interest Rate 41.04% Fixed
Total Payable £6,140.16
  More info on George Banco

5

Guarantor My Loan

Representative APR 48.9%
Representative Example £4,000 over 3 years
Monthly Payment £193.56
Annual Interest Rate 17% per annum fixed + service fee of 23.48% per annum fixed
Total Payable £6,986.16
  More info on Guarantor My Loan

6

Trust Two

Representative APR 49.5%
Representative Example £4,000 over 3 years
Monthly Payment £194.55
Annual Interest Rate 40.9% (fixed)
Total Payable £7,003.80
  More info on Trust Two

7

UK Credit

Representative APR 39.9%
Representative Example £4,000 over 3 years
Monthly Payment £178.80
Annual Interest Rate 34.05% Fixed
Total Payable £6,436.80
  More info on UK Credit

8

1 + 1 Loans

Representative APR 47.8%
Representative Example £4,000 over 3 years
Monthly Payment £191.78
Annual Interest Rate 47.8% Fixed
Total Payable £6,904.08
  More info on 1 + 1

Find out what you could borrow and the costs

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