Compare Market Loans: What is APR?
Compare Market Loans: What is APR?
What is APR = Compare Market Loans.
What is APR? – When you are looking to borrow some money. You must compare market loans, ie how much you will need to pay back in total cost.
Even a small amount for a short period of time you’ll see many interest rates and fees in the small print.
Of all these rates and fees there is a three-letter term that regularly appears on any loan agreement. That is “APR”.
Cashpanda.co.uk will seek to easily explain what this expression means.
“APR” is shorthand for “Annual Percentage Rate”.
It must, by law, be clearly indicated on any loan agreement. Whether the money borrowed is small or large over a short or longer period of time.
Let us repeat this point…it’s illegal for consumer credit agreements not to have the APR on them.
It is easier for consumers to compare rates and decide if the offering is fair and reasonable
Cashpanda.co.uk is with you every step of the way and we will guide you through the meaning of APR.
What is APR – Annual Percentage Rate
APR, or if we are to be formal, the representative APR tells you exactly what any loan will cost, if the borrowing were extended over the course one year.
Please be sure, this is not saying you will be borrowing money for that long. Still it is a simple way to make comparisons between different lenders.
You can see our APR Loan calculator for an indication only examples.
The APR will capture all the interest that is to be repaid and any additional fees that are charged for arranging the borrowing. All too often these arrangement fees can be overlooked. Each lender must explain everything to you. Nothing should left as an unwanted surprise, so please always read the terms and conditions when we introduce you to a lender, it is essential.
Cashpanda.co.uk would always urge you to carefully check the APR you will be charged. Please make sure that you are comfortable with the borrowing commitment before you sign up with any lender that you will be redirected to. Once you know your APR, you’ll roughly be able to work out the cost of borrowing and decide if this is the right decision for you to take.
For more information please visit Money Helper
If you still need a loan, for a free quote with no obligation please fill in our very simple form at Cashpanda.co.uk.
