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.
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
ZERO FEES / FAST / NO CREDIT SCORE IMPACT / NO OBLIGATION