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The argument of APR

APR ALFIE'S ANGUISH WHAT LIFE WOULD BE LIKE IF EVERYTHING WAS REPRESENTED BY APR. ALFIE'S APR ANGUISH IS BROUGHT TO YOU COURTESY OF PAYDAYLOAN.CO.UK WHAT THE HELL??!! 7 GRAND!! S00 QUID!!!! I AM SO0O GETTING LUCKY TONIGHT! I DON'T NEED A YEAR'S WORTH. I SHOULO BE SO LUCKY! I ONLY WANTED TO KNOW THE PRICE OF 1 CHICKEN DINNER, NOT 365! I'M GETTING KINDA HUNGRY, LET'S ORDER, APR MENU Grilled Chicken. .£7,000 served with chips Yearly O 0OMP Steak .£7,000 CONDOMS prices ved with potatoes & veg YEARS SUPPLY Soup of the day. .£3,000 £500 ON A HOT DATE THE MENU ARRIVES..OH DEAR. NO000000!!!!!! WHY DO THIS TO ME APR? HOW MUCH TO THE HOTEL PLEASE MATE. NO PROBLEM GUV, IT'S ONLY £HOK FOR THE WHOLE YEAR. SIGH..WE'RE FINALLY HERE. OKAY, HOW MUCH FOR A ROOM FOR THE NIGHT? I'M OUTTA HERE PERV! CONDOMS OUR BEST ROOM IS JUST £50,000 A YEAR. CON FINALLY AT THE HOTEL TAXI!! THANK GOD THAT WAS JUST A DREAM - I HATE MATHS! APR iş supposed to be a tool to help consumers that need to compare the costs of loans. I'O NEVER BE ABLE TO FIGURE OUT THE ORIGINAL PRICE AND I MIGHT NEVER BE ABLE TO LEAVE MY FLAT AGAIN WITHOUT A CALCULATOR! APR represents the Annual Percentage Rate - so it can be very misleading to people that are interested in taking out a short term loan; like a payday loan or personal loan which are only taken out for a few days, weeks or a month. APR In its simplest form APR or Annual Percentage Rate allows you to evaluate the cost of a loan as a percentage. It is the total cost of all the monthly interest on a loan and any fees worked out over a FULL year. How can something that measures the yearly costs of a loan be an effective gauge for short term loans? If you wanted to order yourself a meal at a nice restaurant (like poor Alfie), and they only showed you the cost of 365 meals - would you find that helpful? Probably not! So, while it's important to borrow responsibly and fully understand all costs involved, just remember that APR isn't always the best way to do it! IT'S ALL JUST BEEN A HORRIBLE NIGHTMARE SUMMARY

The argument of APR

shared by Eavesy on Jul 13
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We hope that after reading this, you’ll have a better understanding of what APR is and how it’s used.

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Economy
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