Loan Quote Check

Superhoopza

I've had a quote for a loan from Santander of £8,000, no arrangement fees, at 19.9% APR over 3 years, quote me total interest of £2,453 and therefore a total repayment of £10,453.

I've plugged these same terms into about 10 different loan calculators who all come out with an expected interest of £2,688 so total repayment of £10,688.

Why is the Santander quote cheaper? Seems I'm missing something obvious. The more expensive loan presumes I start to pay back from the first month.

DullGreyGuy

Thats exactly what the MoneySupermarket calculator gives... https://www.moneysupermarket.com/loans/calculator/ 

Most deviations are caused by the fact you are quoting APR and they are asking for another form of interest rate

Superhoopza

Yeah that makes sense, thank you.