APR stands for annual percentage rate, and is the total interest a person will pay annually on a credit product. Legally, any financial product provider has to display this figure, be it a loan, credit card or mortgage. In the current financial market, with much shorter loans available than used to exist, the APR can be appear deceptively high, but is not wholly relevant as loans will be paid back in well under a year so that amount of interest will never be charged.
Thus, for some it might be easier to use the rate to calculate not what will be paid in interest over a year, but instead a shorter period, such as a month. This way you can ascertain better whether a deal is right for you. And work out if it is competitive in a crowded market, and repayments are within your budget.
The representative annual percentage rate (RAPR), is by law the interest rate that any lender must provide to at least 51% of its customers. Lenders used to list a typical APR, which was the rate that had to be offered to at least 66% of its customers, but then a change of law saw the introduction of the RAPR. Thus, the rate is a general guide for customers, but it is important to note that your rate could be higher or lower than the RAPR, depending on your personal circumstances, credit history and more.
You can apply to a lender! You are free to see what individual lenders have to offer, but with Bee Loans’ state of the art software, constant improvements to the site and comprehensive lender database, we can search a wealth of lenders’ offers in a matter of seconds. We can sieve out the lenders that are not appropriate for your needs or may reject your application, which saves you the time of applying individually to each lender. Additionally, once you find the perfect deal for you, you will be redirected to the lender’s website, so will deal with them anyway – we just do all the hard work for you first!
You are under no obligation to commit to credit at this point, so have nothing to lose by choosing Moolr.