Personal Loans and APR Is that all that matters?
The advice from financial advisers has always been, if you are thinking about taking on new loan or any type of credit agreement, shop around. These days, there is such intense competition among lenders to get your business, that special offers and extremely low interest rate loans are always on the market somewhere, if you are willing to search them out. It is also worth checking out less well known lenders and not just the high street banks, as some of the best deals around will be from these lenders.
The government has sought to facilitate this by providing a standard benchmark figure that can be used to price loans from different lenders. This figure is the APR, or annual percentage rate for interest on the loan. It is calculated in the same way by all lenders and should give you an accurate and fair view of the real cost of any credit you take on. So for instance, if a credit card is tempted to tell you that they only charge two per cent interest, they will have to tell you that this is their monthly rate, and the APR is in fact, something more like twenty eight per cent.
However, the APR is not the...
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