What does APR mean?

This stands for Annual Percentage Rate. It is the amount charged for borrowing which is expressed as a percentage and represents the cost of the loan over a full year.

We are required by law to tell you how much your loan would cost if you borrowed the relevant amount for a whole year. However, as our loans are only made for a short period of time (usually 1 week to a month) and cannot be borrowed for a whole year, you will never be charged for the full year. The APR is therefore not a particularly useful way of understanding how much your loan will actually cost.

By way of illustration, if you stayed in a hotel for £80 per night, over a year, this would cost you £29,200 – but this is not a useful indication of how much your one week vacation might cost.


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