Representative APR examples

Official personal loan APRs

representative APR examples

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.

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 £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 £1,000 and £1,999 (non-members)

If you borrow £1,500 over 3 years at a Representative APR of 13.9% fixed and an annual interest rate of 13.9% you would pay:

Monthly payment: £50.60
Total charge for credit: £321.60
Total amount you repay: £1,821.60

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 3% 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 8.2% fixed and an annual interest rate of 8.2% fixed you would pay:

Monthly payment: £115.79
Total charge for credit: £468.44
Total amount you repay: £4,168.44

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

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 2.9% you would pay:

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

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

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

Loans between £5,000 and £7,999

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: £324.12
Total amount you repay: £6,324.12

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

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 (2-5 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 £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 3.4451% fixed you would pay:

Monthly payment: £175.66
Total charge for credit: £323.76
Total amount you repay: £6,323.76

Loans between £7,500 and £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

Loans between £25,001 and £35,000

If you borrow £26,000 over 3 years at a Representative APR of 6.6% fixed and an annual interest rate of 6.6% you would pay:

Monthly payment: £795.79
Total charge for credit: £2,648.44
Total amount you repay: £28,648.44

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

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