What is representative APR, and what are the rates for your loans?
Understanding Representative APRs is very important before you get any form of credit.
Understanding Representative APRs is a crucial component of any loan agreement.
We cover what these terms both mean, and what the figures are for all our lenders; let’s dive in:.
The representative APR of a loan is the effective rate of interest that is paid by at least 51% of a company’s customers considering all charges and fees associated with that product.
The idea is that it gives 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; for example, Amigo’s representative APR is 49.9%, therefore over 51% of Amigo’s customers paid an effective rate of 49.9% for their loan with Amigo.
A representative example is a calculation of all the costs associated with an example loan using the representative APR for that product, thus giving you a fair indication of the monthly payment and total amount payable for the loan amount and term used in the example.
Our Lenders Representative APR’s
Representative APR Rates updated September 2018
Please see below a list of our current lenders. To easily compare all loans, see our Compare Loans page.
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