Representative APR examples

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 £1,000 and £1,999 (members)

If you borrow £1,500 over 3 years at a Representative APR of 13.8% fixed and an annual interest rate of 13.8% you would pay:

Monthly payment: £50.54
Total charge for credit: £319.44
Total amount you repay: £1,819.44

Loans between £3,000 and £4,999 (members)

If you borrow £3,500 over 3 years at a Representative APR of 8.8% fixed and an annual interest rate of 8.8% you would pay:

Monthly payment: £110.43
Total charge for credit: £475.48
Total amount you repay: £3,975.48

Loans between £3,000 and £4,999 (non-members)

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

Monthly payment: £110.58
Total charge for credit: £480.88
Total amount you repay: £3,980.88

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 2.9% you would pay:

Monthly payment: £465.01
Total charge for credit: £740.36
Total amount you repay: £16,740.36

Admiral

Loans between £1,000 and £2,999

If you borrow £2,000 over 3 years at a Representative APR of 13.2% fixed and an annual interest rate of 13.2% fixed you would pay:

Monthly payment: £66.87
Total charge for credit: £407.32
Total amount you repay: £2,407.32

Loans between £3,000 and £4,999

If you borrow £3,700 over 3 years at a Representative APR of 6.4% fixed and an annual interest rate of 6.4% fixed you would pay:

Monthly payment: £112.93
Total charge for credit: £365.48
Total amount you repay: £4,065.48

Loans between £5,000 and £7,499

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

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

Clydesdale / Yorkshire Bank

Loans between £5,000 and £7,499

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

Monthly payment: £175.15
Total charge for credit: £305.40
Total amount you repay: £6,305.40

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: £740.36
Total amount you repay: £16,740.36

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

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 £3,000 and £4,999

If you borrow £4,000 over 3 years at a Representative APR of 8.5% fixed and an annual interest rate of 8.5% you would pay:

Monthly payment: £125.69
Total charge for credit: £524.84
Total amount you repay: £4,524.84

Ikano Bank

Loans between £2,000 and £2,999

If you borrow £2,900 over 3 years at a Representative APR of 13.4% fixed and an annual interest rate of 13.4% you would pay:

Monthly payment: £97.21
Total charge for credit: £599.56
Total amount you repay: £3,499.56

John Lewis Finance

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 £7,500 and £19,999

If you borrow £10,000 over 4 years at a Representative APR of 2.9% fixed and an annual interest rate of 2.9% you would pay:

Monthly payment: £220.90
Total charge for credit: £603.28
Total amount you repay: £10,603.28

RateSetter

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: £305.40
Total amount you repay: £6,305.40

Loans between £25,000 and £35,000

If you borrow £30,000 over 3 years at a Representative APR of 6.7% fixed and an annual interest rate of 6.7% you would pay:

Monthly payment: £919.51
Total charge for credit: £3,102.36
Total amount you repay: £33,102.36

Sainsbury's Bank

Loans between £7,500 and £25,000 (2-7 year term with a Nectar card)

If you borrow £20,000 over 3 years at a Representative APR of 2.9% fixed and an annual interest rate of 2.9% you would pay:

Monthly payment: £580.74
Total charge for credit: £906.76
Total amount you repay: £20,906.76

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 6.7% fixed and an annual interest rate of 6.7% you would pay:

Monthly payment: £919.51
Total charge for credit: £3,102.36
Total amount you repay: £33,102.36

Tesco Bank

Loans between £7,500 and £25,000

If you borrow £23,000 over 3 years at a Representative APR of 3% and an annual interest rate of 3% fixed you would pay:

Monthly payment: £668.87
Total charge for credit: £1,079.24
Total amount you repay: £24,079.24

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

Santander 

Loans between £1,000 and £2,999 

If you borrow £1,500 over 3 years at a Representative APR of 13.5% and an annual interest rate of 13.5% fixed you would pay:

Monthly payment: £50.35
Total charge for credit: £312.60
Total amount you repay: £1,812.60

Zopa

Loans between £2,000 and £2,999

If you borrow £2,500 over 3 years at a Representative APR of 13.5% and an annual interest rate of 13.5% fixed you would pay:

Monthly payment: £83.91
Total charge for credit: £520.76
Total amount you repay: £3,020.76

Loans between £3,000 and £4,999

If you borrow £4,000 over 3 years at a Representative APR of 8.9% and an annual interest rate of 8.9% fixed you would pay:

Monthly payment: £126.37
Total charge for credit: £549.32
Total amount you repay: £4,549.32

Loans between £5,000 and £7,499

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

Monthly payment: £175.15
Total charge for credit: £305.40
Total amount you repay: £6,305.40