Is that a nominal rate or an APR?quoted me 8.64% variable over 12 months
You need to ask the lender if the rate quoted is a nominal rate or an Annual Percentage Rate. Only the latter indicates the true cost of the credit and allows you to compare one loan with another. Also - carefully consider if you really need repayment protection on any loan as generally it's very bad value for money.You have lost me Clubman, its for a holiday. I originally wanted it over 6 months but the shortest term was one year. The repayments will be €543.20 p.m not including payment protection
Some (/ most) fixed rate loans come with a penalty for early redemption. The Tesco one however does not (As mentioned by Ccovich above).I thought there would be a penalty am I wrong??
All you need (and want) is the APR. You could also ask how much it will be per month (and if all loan requests are over the same term get an idea from that) but the APR is the one you want for a fair/true comparison.Im confused now I will have to go into her tmrw with all the details and get it in writing. A.P.R, C.A.R and nominal are all double dutch to me, at the end of the day I just want to know how much each month period.
CAR (Compound Annual Rate) is irrelevant here. It applies to deposits and not loans. If the terminology is confusing then IFSRA's website includes some useful explanatory info. When comparing different loan offerings then you need to compare the APRs on offer. Nominal rates may be different and not reflect the true cost of the credit. Cost per thousand/month may also help but may or may not tell the full picture. You also need to know how much you will have paid back in full at the end of the loan. Should be number of months multiplied by the monthly repayment but there can be gotchas. If you don't understand any of this then perhaps you need to deal with a broker (if there are brokers for personal loans?).A.P.R, C.A.R and nominal are all double dutch to me, at the end of the day I just want to know how much each month period.
I have been shopping around this morning for a €7k personal loan
Has the loan amount changed??total cost of loan €6518.40
Has the loan amount changed??
Pity, was hoping I could have applied for the same loan and made €480 odd from itthe figures of €543.20 was the repayments on 6k, sorry should of made myself clearer
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