Representative APR examples

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