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APR's vs quoted rates
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Ian_W wrote:APR, as far as I'm aware, still holds good for credit cards, personal loans, store cards, Hire Purchase, etc.
It depends upon what you mean by the non standard phrase "still holds good".
Loans are advertised at a typical APR of 6.8% for example.
In theory a typical rate means two thirds of offers must be at this rate or below and one third may be offered a loan at a higher APR.
The reality is sometimes this.
100 people apply for the APR 6.8% loan.
20 are actually offered the loan.
10 are offered a higher rate than 6.8% APR
70 are not offered a loan at all.
Two thirds of the offers were at the advertised rate.
What a chiz................................I have put my clock back....... Kcolc ym0
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