Loan education
What is APR?
APR stands for Annual Percentage Rate. It is a standard way of comparing the cost of different types of credit over one year.
It is different from the interest rate shown on your agreement and is designed to help you compare lenders like-for-like.
APR explained
How APR Works
The APR of a loan gives you an indication of how much it may cost to borrow from different lenders. It assumes borrowing over one year, even when your actual loan period is shorter.
APR includes upfront fees charged by lenders, but it can exclude certain charges like late payment or missed payment fees.
Loan365 does not add additional hidden fees or extra charges to its borrowing costs.
What is Loan365's APR?
Your APR depends on how much you borrow and the number of weeks you choose for repayment. We offer two loan terms: 26 weeks and 48 weeks.
Our team can provide guidance on loan terms, and you can use the loan calculator online to see estimated costs and APR before applying.
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Why is Loan365's APR
higher than some other lenders?
The APR of credit products is intended to show the true cost of borrowing and can be used by customers to compare different types of credit (for example loans) but the calculation used assumes the loan is over a year.
For short term borrowing the APR is calculated over a shorter term this creates a much higher APR. Therefore short term loans like ours may look less favourable compared to other lenders credit products when just using the APR as a comparison. But remember, the APR is not the same as the interest rate.
The Loan365 promise
Transparent and predictable borrowing
We never charge you fees.- The interest rate will never change during the course of your loan so you always know where you stand.
- There are no hidden extras. Your weekly payment is the only payment you'll ever be required to pay.
You can use our loan calculator to find out how much a Loan365 loan could cost and what the APR would be.
Check your repayments