Sample Loan Repayment
Posted by Chris B on March 11, 2010 · Leave a Comment
Doorstep Seller: 254.5% APR (correct at 11th March 2010)**
Sum borrowed £1,000 over 50 weeks
Repayment £35 per week
Total repaid £1,750
Total Interest £750
Angus Credit Union: 12.7% APR
Sum borrowed £1000 over 50 weeks
Repayment £21.30 per week
Total repaid £1065.00
Total Interest £65.00
This means £685.00 in YOUR pocket
**Figures are taken from http://www.lenderscompared.org.uk , an independant site comparing Loans and loan companies in the UK. The “Doorstep Seller” figures are actual figures from Provident Personal Credit, but there are a number of other similar loan companies who offer rates of interest 230.2% APR – 281.5% APR.
Be informed when you are looking for a loan. Find out the total amount you will actually be paying back to the loan company, not just “£25 per week”. Angus Credit Union offers low cost loans to our members. If you want to find out more, or would like to discuss loan options available to you then call 01307 463388, or contact us by email.
