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What's the difference?
My bank gave me a loan with an APR of 13.5% - this loan has payment protection on it. They said they could cancel the payment protection and give me a new loan using the exact same terms as the origional one and then quoted the "interest rate would be 14.9%". I told them that my origional loan was 13.5% APR and she said, "interest rate and APR are two different things, we use the interest rate".
I don't get it - are they at it?
I don't get it - are they at it?
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Comments
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This explains the difference between interest rate and APR http://www.moneysavingexpert.com/banking/interest-rates#APRA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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