What is Loan APR?
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What is Loan APR?
Loan APR Explained
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Instant payday loans and loan APR

Instant payday loans and loan APR | What is Loan APR? | Scoop.it

Because of the length of a payday loan (normally 30 days), APR rates differ to that of other lenders.If you find yourself in a difficult financial situation and you need cash immediately there are a number of solutions you can look in to. If borrowing from a friend, relative, a bank or other traditional lender isn't an option there are some other innovative ways to find the money you need.

If you own a car or van outright a logbook loan is a loan secured on your vehicle. As a result there is no need for a credit check as long as you can prove you can afford the repayments. Very often the lender will lend up to 50% of the value of your car as long as you have no finance on it and it is less than 10 years old.

Alternatively, if you own any valuables you can also use them to secure a short-term loan. Online pawnbrokers combine tradition with technology lending against a number of items that include luxury watches, jewellery, antiques and more. They can make funds instantly available against items anywhere in the UK. The companies are discreet, professional and friendly and you can normally do business any time 24 hours a day, 7 days a week.

An increasingly popular way to borrow funds in an emergency is a payday or short-term loan. These loans typically range from between £80 and £1000 and can be used for almost any purpose. Payday loans are a relatively new concept in the UK but are the fastest growing method of borrowing in the world. Already, over 4 million people in the UK, from all walks of life apply each year and the number is increasing all the time.

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Short term loans APR- Understanding how Payday APR rates work

Short term loans APR- Understanding how Payday APR rates work | What is Loan APR? | Scoop.it

When you take out a loan you are charged interest on it that is paid over the length of the loan. APR actually describes what the true cost of borrowing money is over the course of a year. It includes the interest rate you pay on your loan as well as how you pay back the loan, how much the repayments are, the length of repayment, additional charges and fees and any payment protection insurance premiums you may have with the loan.

APR measures how much a loan or other line of credit costs you in interest over one year and is expressed as a percentage of the total amount of money that you borrow. If you want to work out the APR you pay on a loan first take the amount of your loan and how much interest you will be charged over one year. Then divide that interest amount by the amount of your loan. Multiply the number by 100 and you get your APR.

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