Annual Percentage Rate (APR) explained

Annual Percentage Rate, or APR, is a measure to compare the costs of traditional loans that run for years

The APR is the amount you will pay in interest and fees over a year. For short term loans — or any loan less than a year — the APR is not a useful way to compare.

We believe the most useful information for a short-term loan is:

  • the total cost of the loan
  • the amount of each repayment
  • how many repayments you will make.

We provide all that information as transparently as possible. Then it’s up to you to decide how much it’s worth paying for cash available in fewer than 20 minutes.


High APR doesn’t mean high cost if a loan is short term

You might look at our interest rate and think it’s expensive. The larger the APR, the more expensive a loan, right? Wrong. It's a common perception, but with our super-flexible approach to short-term loans, the opposite applies. The shorter the term, the less you'll pay in interest and fees.

The cost of our loans is determined by:

  • The amount of money you borrow
  • The number of days you need it for.

APR is a crazy way to measure the cost of a Superloan

Using the APR when considering a Superloans loan is a bit like planning a short hotel stay, using the cost expressed as if you were to stay all year.

‘How much is it to stay here?’

$54,700 per year. How many nights would you like?’

It’s like taking a taxi to get from the airport to the city. It’s cheaper to walk for four hours, hitch-hike, or take a bus, but most people are happy to pay a bit extra for the ease and speed of one of our loans.