What I want to know is

Is this good or bad ?

93.4% APR over 9 months

 

bad bad bad bad bad bad bad bad bad bad bad bad bad bad

 

And that's an understatement!

 

Was the money lender called Shylock by any chance?

 

Good if you're the lender

 

If you've got an absolutely crap lending history the most you should be paying is 25% if you;ve got a good history then you can get anything as low as 5-6% for unsecured borrowing

 

APR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers. The APR takes into account not just the interest on the loan but also other charges you have to pay, for example, any arrangement fee.

So the APR is higher than the interest rate, but may be the same if there are no charges. From the first direct web site:

10 year fixed rate offset Mortgage
5.19% for 10 years, reverting to our standard variable rate for the remaining term, currently 5.75%.
(offset Mortgage arrangement fee - £299 / offset Mortgage fixed booking fee - £395)
The overall cost for comparison is 5.6% APR.

You see the APR value includes the £299 arrangement fee and the £395 booking fee. The interest is at 5.19%

 

Looks pretty good to me - but then I'm an investor

 

Cheers, I thought it was bad, just wasn't quite sure just how bad

 

So if you borrowed £50 for a year but there was a £30 arrangement fee then already your APR is 60% before you account for any 'real' interest. HTH

 

fek me. 93% thats loan shark terratory.

 

Legal loan sharks with a shiney website........

http://www.providentpersonalcredit.com//


£400 borrowed over 23 weeks = £25.60 x 23 = £588.80

497.4% APR..........

 

How have you worked that out exactly? Without using my brain too much it looks more like 100% to me?