Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

The MoneySaving Forum: join to chat & swap tips with other MoneySavers. Learn how in the Forum Introduction Guide

Representative APR examples

Official personal loan APRs

Get Our Free Money Tips Email!

For all the latest deals, guides and loopholes - join the 12m who get it. Don't miss out

Eesha | Edited by Martin

Updated June 2018

There are regulations governing how APRs must be displayed. Below are loan providers' official examples of the cost of taking out a loan.

To see all the current cheapest personal loan rates, see our Personal Loans guide.

This page has loan providers' official examples of the total cost of taking out a loan.

To find out who offers the cheapest personal loans, see our Cheap Personal Loans guide.

What does representative rate mean?

Where credit cards or loans use a representative APR, this means 51% of successful applicants will be given the stated interest rate.

If a loan is advertised as being 7.5% representative APR, this means 51% of accepted applicants have to get 7.5% as their rate. The other 49% could get a different rate (which is usually higher).

Of course, some people will be rejected outright.

The AA

Loans between 15,000 and 25,000 (members)

If you borrow 16,000 over 3 years at a Representative APR of 3% fixed and an annual interest rate of 3% you would pay:

Monthly payment: 465.01
Total charge for credit: 740.50
Total amount you repay: 16,740.50

Loans between 15,000 and 25,000 (non-members)

If you borrow 16,000 over 3 years at a Representative APR of 3.1% fixed and an annual interest rate of 3.1% you would pay:

Monthly payment: 465.70
Total charge for credit: 765.20
Total amount you repay: 16,765.20

Admiral

Loans between 3,000 and 4,999

If you borrow 3,700 over 3 years at a Representative APR of 6.7% fixed and an annual interest rate of 6.7% fixed you would pay:

Monthly payment: 113.41
Total charge for credit: 382.61
Total amount you repay: 4,082.61

Loans between 5,000 and 7,499

If you borrow 6,000 over 3 years at a Representative APR of 3.5% fixed and an annual interest rate of 3.5% you would pay:

Monthly payment: 175.67
Total charge for credit: 324
Total amount you repay: 6,324

Asda Money

Loans between 1,000 and 1,999

If you borrow 1,500 over 3 years at a Representative APR of 9.9% fixed and an annual interest rate of 9.9% fixed you would pay:

Monthly payment: 48.03
Total charge for credit: 229.21
Total amount you repay: 1,729.21

Cahoot

Loans between 7,500 and 20,000

If you borrow 10,000 over 3 years at a Representative APR of 2.8% fixed and an annual interest rate of 2.8% fixed you would pay:

Monthly payment: 289.78
Total charge for credit: 431.95
Total amount you repay: 10,431.95

Clydesdale / Yorkshire Bank

Loans between 7,500 and 14,999

If you borrow 11,000 over 3 years at a Representative APR of 2.9% fixed and an annual interest rate of 2.9% you would pay:

Monthly payment: 319.23
Total charge for credit: 492.12
Total amount you repay: 11,492.12

Loans between 15,000 and 25,000

If you borrow 16,000 over 3 years at a Representative APR of 3% fixed and an annual interest rate of 3% you would pay:

Monthly payment: 465.01
Total charge for credit: 740.50
Total amount you repay: 16,740.50

Loans between 25,001 and 35,000

If you borrow 30,000 over 3 years at a Representative APR of 6.9% fixed and an annual interest rate of 6.9% you would pay:

Monthly payment: 922.08
Total charge for credit: 3,194.87
Total amount you repay: 33,194.87

CU Loans

Loans between 1,000 and 2,999

If you borrow 1,500 over 3 years at a Representative APR of 8.9% fixed and an annual interest rate of 8.9% fixed you would pay:

Monthly payment: 47.39
Total charge for credit: 206.06
Total amount you repay: 1,706.06

First Direct

Loans between 25,000 and 30,000

If you borrow 27,000 over 3 years at a Representative APR of 3.3% fixed and an annual interest rate of 3.3% you would pay:

Monthly payment: 788.18
Total charge for credit: 1,374.63
Total amount you repay: 28,374.63

Loans between 30,001 and 50,000

If you borrow 35,000 over 3 years at a Representative APR of 6.7% fixed and an annual interest rate of 6.7% you would pay:

Monthly payment: 1,072.76
Total charge for credit: 3,619.26
Total amount you repay: 38,619.26

Hitachi

Loans between 5,000 and 7,499

If you borrow 6,000 over 3 years at a Representative APR of 3.3% fixed and an annual interest rate of 3.3% you would pay:

Monthly payment: 175.15
Total charge for credit: 305.47
Total amount you repay: 6,305.47

Ikano Bank

Loans between 2,000 and 2,999

If you borrow 2,900 over 3 years at a Representative APR of 7.8% fixed and an annual interest rate of 7.5% you would pay:

Monthly payment: 90.25
Total charge for credit: 349.13
Total amount you repay: 3,249.13

Loans between 3,000 and 4,999

If you borrow 3,300 over 3 years at a Representative APR of 7.7% and an annual interest rate of 7.4% fixed you would pay:

Monthly payment: 102.56
Total charge for credit: 392.20
Total amount you repay: 3,692.20

John Lewis Finance

Loans between 5,000 and 7,499

If you borrow 6,000 over 3 years at a Representative APR of 3.6% and an annual interest rate of 3.54% fixed you would pay:

Monthly payment: 175.92
Total charge for credit: 333.26
Total amount you repay: 6,333.26

Loans between 7,500 and 15,000

If you borrow 11,000 over 3 years at a Representative APR of 2.9% and an annual interest rate of 2.86% you would pay:

Monthly payment: 319.23
Total charge for credit: 492.12
Total amount you repay: 11,492.12

M&S Bank

Loans between 5,000 and 7,499

If you borrow 6,000 over 3 years at a Representative APR of 3.6% fixed and an annual interest rate of 3.6% you would pay:

Monthly payment: 175.92
Total charge for credit: 333.26
Total amount you repay: 6,332.26

Loans between 7,500 and 15,000

If you borrow 11,000 over 3 years at a Representative APR of 2.8% fixed and an annual interest rate of 2.8% you would pay:

Monthly payment: 318.75
Total charge for credit: 475.14
Total amount you repay: 11,475.14

Post Office

Loans between 15,001 and 25,000

If you borrow 16,000 over 3 years at a Representative APR of 3.1% fixed and an annual interest rate of 3.1% you would pay:

Monthly payment: 465.70
Total charge for credit: 765.20
Total amount you repay: 16,765.20

RateSetter

Loans between 1,000 and 4,999

If you borrow 3,000 at a Representative APR of 6.7% fixed and an annual interest rate of 6.7% you would pay:

Monthly payment: 91.95
Total charge for credit: 310.22
Total amount you repay: 3,310.22

Sainsbury's Bank

Loans between 7,500 and 15,000 (1-3 year term with a Nectar card)

If you borrow 10,000 over 3 years at a Representative APR of 2.7% fixed and an annual interest rate of 2.7% you would pay:

Monthly payment: 289.35
Total charge for credit: 416.51
Total amount you repay: 10,416.51

Loans between 7,500 and 15,000 (1-3 year term without a Nectar card)

If you borrow 10,000 over 3 years at a Representative APR of 3.6% fixed and an annual interest rate of 3.6% you would pay:

Monthly payment: 293.21
Total charge for credit: 555.43
Total amount you repay: 10,555.43

Loans between 15,001 and 25,000 (2-3 year term with a Nectar card)

If you borrow 16,000 over 3 years at a Representative APR of 2.8% fixed and an annual interest rate of 2.8% fixed you would pay:

Monthly payment: 463.64
Total charge for credit: 691.11
Total amount you repay: 16,691.11

Loans between 15,001 and 25,000 (2-3 year term without a Nectar card)

If you borrow 16,000 over 3 years at a Representative APR of 3.7% fixed and an annual interest rate of 3.7% you would pay:

Monthly payment: 469.82
Total charge for credit: 913.39
Total amount you repay: 16,913.39

Loans between 25,001 and 40,000 (2-3 year term with a Nectar card)

If you borrow 30,000 over 3 years at a Representative APR of 6.9% fixed and an annual interest rate of 6.9% you would pay:

Monthly payment: 922.08
Total charge for credit: 3,194.87
Total amount you repay: 33,194.87

Loans between 25,001 and 40,000 (2-3 year term without a Nectar card)

If you borrow 30,000 over 3 years at a Representative APR of 7.6% fixed and an annual interest rate of 7.6% you would pay:

Monthly payment: 931.09
Total charge for credit: 3,519.10
Total amount you repay: 33,519.10

Tesco Bank

Loans between 5,000 and 7,499

If you borrow 6,000 over 3 years at a Representative APR of 3.5% and an annual interest rate of 3.5% fixed you would pay:

Monthly payment: 175.67
Total charge for credit: 324
Total amount you repay: 6,324

Loans between 7,500 and 25,000

If you borrow 17,000 over 3 years at a Representative APR of 3% and an annual interest rate of 3% fixed you would pay:

Monthly payment: 494.08
Total charge for credit: 786.79
Total amount you repay: 17,786.79

Loans between 25,001 and 35,000

If you borrow 26,000 over 3 years at a Representative APR of 6.8% fixed and an annual interest rate of 6.8% you would pay:

Monthly payment: 798.02
Total charge for credit: 2,728.74
Total amount you repay: 28,728.24

Zopa

Loans between 1,000 and 1,999 (2-5 year term)

If you borrow 1,500 over 3 years at a Representative APR of 9.9% and an annual interest rate of 9.9% fixed you would pay:

Monthly payment: 48.03
Total charge for credit: 229.21
Total amount you repay: 1,729.21

Loans between 2,000 and 2,999 (3-5 year term)

If you borrow 2,500 over 3 years at a Representative APR of 7.4% and an annual interest rate of 7.4% fixed you would pay:

Monthly payment: 77.38
Total charge for credit: 285.54
Total amount you repay: 2,785.54

Loans between 3,000 and 4,999

If you borrow 4,000 over 3 years at a Representative APR of 5.3% and an annual interest rate of 5.3% fixed you would pay:

Monthly payment: 120.20
Total charge for credit: 327.16
Total amount you repay: 4,327.16

Loans between 5,000 and 7,499

If you borrow 6,000 over 3 years at a Representative APR of 3.4% and an annual interest rate of 3.4% fixed you would pay:

Monthly payment: 175.41
Total charge for credit: 314.74
Total amount you repay: 6,314.74

Loans between 20,000 and 25,000

If you borrow 22,000 over 3 years at a Representative APR of 3.1% and an annual interest rate of 3.1% fixed you would pay:

Monthly payment: 640.34
Total charge for credit: 1,052.15
Total amount you repay: 23,052.15

Get Our Free Money Tips Email!

For all the latest deals, guides and loopholes - join the 12m who get it. Don't miss out