Short term lending – what does APR mean?
What is APR?
APR stands for Annual Percentage Rate and we hear about it all the time, but do people really understand what it means?
The annual percentage rate on a loan is the amount the lender would charge if you borrowed the money for a year, as a percentage of the original loan. You would expect therefore that APR would be associated with loans that are taken out over a longer period not a short term loan or payday.
APR is the cost of borrowing which you must pay on top of the loan itself. QuidMarket are a responsible direct lender and always show this rate on any cash loan we offer.
QuidMarket are transparent, at all times when you are on our web site you will be able to see our APR. If we send you an email or any kind of marketing we always want you to be clear on what you will be charged.
Remember even though it might not be the best representative of the amount of interest you would pay to us, it does give you an indicator of what other short term lenders like Wonga or Peachy are offering compared to QuidMarket
Other short term loan charges
Always ensure you check your loan agreement for any fees you might not be aware of, helpful when deciding which lender to apply with:
Missed payment charges
If you miss a repayment you may be charged for this, all lenders are different so check your agreement. Quid Market charge NO late payment fees,
Where a lender may charge you for processing your application quickly meant to cover the cost of sending your funds,
If you need to reschedule your payments for one reason or another. This means your final instalment date is later than the lender thought.
Remember if you are not applying with a direct lender than you will probably have to pay a broker fee, which is where the broker will take a commission for finding you a lender you may be suitable for a loan with.