Ikano bank loan rate dispute

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  • shteca
    shteca Posts: 120 Forumite
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    No it was just a personal loan.
    Debt Fully Paid Off (20/06/2019): £54,441.87
    Dave Ramsey is my financial guru!
  • shteca
    shteca Posts: 120 Forumite
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    That is correct, when I signed the agreement it was all online. I didn't print it off at the time but now they are not sending it me so I have no idea what I actually agreed to, this is the problem
    Debt Fully Paid Off (20/06/2019): £54,441.87
    Dave Ramsey is my financial guru!
  • singhini
    singhini Posts: 553 Forumite
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    I'm no expert so don't rely on me but I thought the APR took into consideration the cost of the loan aswell as the interest rate.


    So you could have a loan of 3% but when all costs are taken into consideration over the whole duration of the loan term it equates to an APR of 8.9%


    you need to give more information please (the loan was £15,000 and the interest rate we can guess to be 3%, but what was the loan term and what have you been paying each month).
  • bazzyb
    bazzyb Posts: 1,584 Forumite
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    shteca wrote: »
    I have no idea what I actually agreed to

    So why do you think the rate is wrong? Where did the 3% figure come from?
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