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APR Explained

Annual Percentage Rate 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’ll 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'll make.

We provide all that information as transparently as possible.

High APR doesn’t mean high cost if the 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.

Using APR as a measure

It's 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?"