Loan speak can get a bit confusing, with all those percentages, decimal points and long lists of numbers. We therefore wanted to talk to you a little bit
about APRs (Annual Percentage Rates).
A 'representative APR' is the rate that all credit cards and loan companies use to allow you to compare different loans. So it's basically the average loan rate that
they offer to 51% successful applicants, meaning 49% of successful applicants may well get offered a different rate for their loan.
At giffgaff we want to make it simple. We want you to know exactly what you'll be getting. So, when you apply you'll get a quote that's personalised to your
application clearly showing your loan amount and the APR that will apply to you. To do this RateSetter do what's called a 'soft credit search', which means they check
some of your credit details without impacting your credit score.
Just for the record, our current APR is 15.5%.