From Feb 2011, the law said that all lenders have to display their interest rates by representative example. Previously interest rates were displayed as APR (Annual Percentage Rates) which calculated interest rates over a year. As many short terms loans are for less than one year, APR is not the most useful way of calculating interest rates. Therefore Representative Examples were introduced, which are real examples of the cost of a loan over a typical repayment period. The representative example interest charges for all our lenders can be found here:
Thames Financial
Representative 2623.3% APR. Representative example: Borrow £225 for 29 days. The total charge for credit is £67.50. Interest is fixed at a rate of 377.8% p.a. The Total Amount Repayable is 1 payment of £292.50
Provident Personal Credit
Representative example:
£300 loan repayable over 52 weeks
52 weekly payments of £10.50
Rate of interest 82.0% p.a. fixed;
Representative 272.2%APR
Total Amount Payable is £546
Cash Genie Payday Loans
Representative example:
Amount of credit: £150.00
Amount of days: 30
Total amount payable: £195.00
Interest: £45.00
Interest rate: 360% PA (fixed)
Lending Stream
Representative Example
Rate of Interest: 30% per month
Total Amount of Credit: £200
Representative APR: 3043.8 %
Duration of Agreement: 6 months
Total Amount Payable: £440
Total Charge of Credit: £240
Logbook Loans
Total Amount of Credit - £1,150
Total Amount Payable - £3317.34
%APR Representative - 478.30%
Fixed Annual Rate - 125.64%
Duration - 78 weeks
Installments
- 78 x £42.53
Payday Bank
Representative Example - 1737% variable
Borrow £300 for 28 days
Interest Payable - £75
Total Amount Payable - £375
Speed-E-Loans
Representative APR 2243%
Zopa
Representative APR
8.5%
Total amount of credit £5130.00
Total repayable amount £5654.47
Per month £157.07
Yes Loans
Representative 51% apr
Payday Express
Representative Loan Example
If you borrowed £80 for 28 days you would repay £100, with an interest rate of 25.0% fixed. 1737.2% APR representative
Payday Now
Representative example: £750 borrowed for 28 days.
Annual interest rate
of 300% (Fixed).
Total amount payable by one repayment is £937.50. 1737% APR Representative
PaydayUK
Representative example: £750 borrowed for 28 days.
Annual interest rate of 300% (Fixed).
Total amount payable by one repayment is £937.50. 1737% APR Representative.
Solution Loans
Representative 53.8% APR
Representative example: Borrow £2500 over 36 months. Repay £125.99 per month. Total repayable £4535.70
Get Me to Payday
Pete and Claire from Brighton borrowed £200 over 15 days. The total amount repayable was £250. The APR was 22694%
Sally from Birmingham borrowed £200 over a 30–day period. Her total amount repayable was £250. The APR was 1355%.