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.
MORE QUESTIONS ABOUT REPAYMENT
- When will I need to repay my loan?
- How do I repay my loan?
- How do I keep track of how much I owe?
- Can I use my credit card to pay my loan?
- Can I repay my loan early?
- How can I change the debit card I repay my loan with?
- What should I do if I won't have the money in my bank account to pay off the loan?
- What should I do if I can't repay my loan?
- What happens if I don't repay my loan (and any other amounts due to us) on time?
- Can I extend my loan repayment date?
- Can I extend my loan if I have missed the repayment date?
- How many times can I extend my loan?
- I am worried about my finances, what can I do?
- I have entered an Individual Voluntary Arrangement / Debt Relief Order / Debt Arrangement Scheme / Bankruptcy / Debt Management Plan or other arrangement with my creditors. What do I do?
