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representative APR examples

Representative APR examples

Official personal loan APRs

Eesha Mohindra
Eesha Mohindra | Edited by Martin Lewis
Updated 15 June 2021

There are regulations governing how APRs must be displayed. Below are loan providers' official examples of the cost of taking out a loan. For all the current cheapest personal loan rates, see our Personal Loans guide, or our Loans Eligibility Calculator helps you find which lenders are most likely to accept you.  

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.

Loan providers' representative APR examples

PROVIDER LOAN AMOUNT REPRESENTATIVE APR
AA (Members) £3,000 - £4,999 

If you borrow £4,000 over 3 years at a Representative APR of 8.2% fixed and an annual interest rate of 8.2% you would pay:

Monthly payment: £125.17
Total charge for credit: £506.12
Total amount you repay: £4,506.12
£15,001 - £25,000

If you borrow £22,000 over 3 years at a Representative APR of 2.8% fixed and an annual interest rate of 2.8% you would pay:

Monthly payment: £637.50
Total charge for credit: £950
Total amount you repay: £22,950
AA (Non-members) £3,000 - £4,999 

If you borrow £4,000 over 3 years at a Representative APR of 8.3% fixed and an annual interest rate of 8.3% you would pay:

Monthly payment: £125.35
Total charge for credit: £512.24
Total amount you repay: £4,512.24
£15,001 - £25,000

If you borrow £22,000 over 3 years at a Representative APR of 2.9% fixed and an annual interest rate of 2.9% you would pay:

Monthly payment: £638.45
Total charge for credit: £984.20
Total amount you repay: £22,984.20
AIB £1,000 - £2,999

If you borrow £2,000 over 3 years at a Representative APR of 12.3% fixed and an annual interest rate of 11.75% you would pay:

TABLE_CELL_STYLE

Monthly payment: £66.36

Total charge for credit: £388.96

Total amount you repay: £2,388.96
Bank of Ireland £3,000 - £4,999

If you borrow £3,000 over 4 years at a Representative APR of 8.3% fixed and an annual interest rate of 8.3% you would pay:

Monthly payment: £74

Total charge for credit: £516

Total amount you repay: £3,516
Cahoot £1,000 - £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% you would pay:

TABLE_CELL_STYLE

Monthly payment: £50.35

Total charge for credit: £312.60

Total amount you repay: £1,812.60
£5,000 - £7,499

If you borrow £6,000 over 3 years at a Representative APR of 3.8% and an annual interest rate of 3.8% you would pay:

Monthly payment: £176.54
Total charge for credit: £355.44
Total amount you repay: £6,355.44
£7,500 - £20,000

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

TABLE_CELL_STYLE

Monthly payment: £289.78

Total charge for credit: £432.08

Total amount you repay: £10,432.08
First Direct 

 £25,000 - £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
£30,001 - £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
Halifax £25,001 - £35,000

If you borrow £30,000 over 3 years at a Representative APR of 5.8% fixed and an annual interest rate of 5.8% you would pay:

TABLE_CELL_STYLE

Monthly payment: £907.93
Total charge for credit: £2,685.48
Total amount you repay: £32,685.48
Hitachi £7,500 - £25,000

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

Monthly payment: £289.76
Total charge for credit: £431.36
Total amount you repay: £10,431.36
John Lewis £5,000 - £7,500

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

Monthly payment: £175.87
Total charge for credit: £331.32
Total amount you repay: £6,331.32
M&S Bank £7,500 - £15,000

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
MBNA £3,000 - £4,999

If you borrow £4,000 over 5 years at a Representative APR of 8.9% fixed and an annual interest rate of 8.9% you would pay:

Monthly payment: £82.17
Total charge for credit: £930.20
Total amount you repay: £4,930.20
£5,000 to £7,499

If you borrow £6,000 over 5 years at a Representative APR of 3.5% fixed and an annual interest rate of 3.5% you would pay:
 

Monthly payment: £109
Total charge for credit: £540
Total amount you repay: £6,540
£7,500 to £25,000

If you borrow £10,000 over 4 years at a Representative APR of 2.8% fixed and an annual interest rate of 2.8% you would pay:
 

Monthly payment: £220.30
Total charge for credit: £574.40
Total amount you repay: £10,574.40.
Post Office £3,000 - £4,999

If you borrow £4,000 over 3 years at a Representative APR of 8.3% fixed and an annual interest rate of 8.3% you would pay:

Monthly payment: £125.35
Total charge for credit: £512.44
Total amount you repay: £4,512.44
£20,001 - £25,000

If you borrow £22,000 over 5 years at a Representative APR of 3% fixed and an annual interest rate of 3% you would pay:

Monthly payment: £394.92
Total charge for credit: £1,694.94
Total amount you repay: £23,694.94
Ratesetter £3,000 - £4,999

If you borrow £4,000 over 3 years at a Representative APR of 7.8% fixed, arrangement fees of £240.80 and an annual interest rate of 7.8%, you would pay:
 

Monthly payment: £124.57
Total charge for credit: £484.52
Total amount you repay: £4,484.52
£5,000 - £25,000

If you borrow £15,000 over 3 years at a Representative APR of 2.8% fixed, arrangement fees of £586.50 and an annual interest rate of 0.3%, you would pay:
 

Monthly payment: £434.90
Total charge for credit: £656.40
Total amount you repay: £15,656.40
Sainsbury's Bank  £7,500 - £25,000

If you borrow £10,000 over 5 years at a Representative APR of 2.8% and an annual interest rate of 2.8% fixed you would pay:

Monthly payment: £178.64
Total charge for credit: £718.40
Total amount you repay: £10,718.40
£25,001 - £30,000

If you borrow £27,000 over 3 years at a Representative APR of 6.2% and an annual interest rate of 6.2% fixed you would pay:

Monthly payment: £821.77
Total charge for credit: £2,583.72
Total amount you repay: £29,583.72
Santander
 £1,000 - £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
Tesco Bank £3,000 - £4,999

If you borrow £4,000 over 3 years at a Representative APR of 8.5% and an annual interest rate of 8.19% fixed you would pay:
 

Monthly payment: £125.68
Total charge for credit: £524.48
Total amount you repay: £4,524.48
£5,000 - £7,499

If you borrow £6,000 over 3 years at a Representative APR of 3.4% and an annual interest rate of 3.35% fixed you would pay:
 

Monthly payment: £175.40
Total charge for credit: £314.40
Total amount you repay: £6,314.40
£7,500 - £25,000

If you borrow £23,000 over 3 years at a Representative APR of 2.9% and an annual interest rate of 2.9% fixed you would pay:
 

Monthly payment: £667.47
Total charge for credit: £1,028.92
Total amount you repay: £24,028.92
£25,001 - £35,000

If you borrow £26,000 over 3 years at a Representative APR of 6% and an annual interest rate of 5.84% fixed you would pay:
 

Monthly payment: £789.09
Total charge for credit: £2,407.24
Total amount you repay: £28,407.24
TSB £7,500 - £25,000

If you borrow £15,000 over 5 years at a Representative APR of 3.2% and an annual interest rate of 3.2% fixed you would pay:

Monthly payment: £293.58
Total charge for credit: £1,146.90
Total amount you repay: £16,146.90
Virgin Money £3,000 - £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: £125.72
Total charge for credit: £525.80
Total amount you repay: £4,525.80
£5,000 - £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: £175.43
Total charge for credit: £315.31
Total amount you repay: £6,315.31
£25,000 - £35,000

If you borrow £26,000 over 3 years at a Representative APR of 6.9% fixed and an annual interest rate of 6.9% you would pay: 

Monthly payment: £799.29
Total charge for credit: £2,774.14
Total amount you repay: £28,774.14
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