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Loans FAQ:

 

What is the 'APR' of a loan?

  APR stands for 'Annual Percentage Rate'.

  This is the interest rate charged by the lender in return for providing a loan. It takes into account the amount of interest paid over the term of the loan. When a lender makes a loan offer, they are required by law to quote the APR as well as the monthly repayments.

  The law that covers credit agreements is the Consumer Credit Act (1974).

  The APR quoted helps borrowers compare loan offers and choose the best deal available to them. The APR offered to borrowers can vary greatly, and the lender reflects the applicant's individual circumstances when making a loan offer.



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