Why is your APR different to what my broker said it would be?
Paul (1 year ago)
Why when magic finance phone me up they say i have been accepted on a loan and it 18.9 % apr then i come on here and its a different APR and its you ive been refered to and accepted by?
FLM Loans (7 mths ago)
When you get in contact with a broker they try and find you the best loan option based on your current circumstances. The APR they give you over the phone or the internet is a Representative APR. This representative rate is calculated by the average of the most popular lenders on their panel, and what customers in the past have been offered.
The best option in your case was ourselves, FLM. We have our own set interest rates and you wil receive your loan based on the APR that is particular to the amount you borrow and its term.
Comments (2)
FLM Loans (10 mths ago)
It depends on your original loan and how you found out about us.
If you came to us directly first time round then your APR will already be at that figure. However if a broker put you in touch with us then the APR is slightly higher because your loan repayments will include a broker commission that we pay back to the broker for referring you to us. If this is the case, then topping up your loan gives you a lower APR because no broker is involved.
Your repayments and APR are broken down on your original credit agreement if you still have it.
bec2304 (10 mths ago)
hi i received a text message saying that i can top my loan up. It also said if i do this i will get a lower APR, i have received the paperwork and it says the APR is the same as my previous loan - if this is the lower amount what would it have been?