APR stands for annual percentage rate of charge. When you see a representative APR, it means that over half of people who’ve taken out a loan of a particular size from that lender have been given this rate.
All lenders advertise their loan rates in this way to help people compare across lenders.
A few things to note about representative APRs:
They include standard fees or costs associated with taking out a loan e.g. an arrangement fee.
They change depending on the loan amount.
Just because a lender has a low or high representative APR, it doesn’t mean they’ll offer you the best rate.
The rate you’re offered won’t necessarily be the same as the representative APR.
Most lenders, including us, will offer you a personalised rate. This is called a personalised APR.