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What is a representative example of a Lending Stream loan?

A representative example is a financial concept that is designed to help you understand all of the costs and charges of taking out credit or a loan.

The below information shows a representative example of a 6 month loan with Lending Stream.

Representative Example

Annual Interest Rate: 292.0% (Fixed)

Total amount of credit: £200

Representative APR: 1325%

Duration of agreement: 6 months

Total amount payable: £383.68

Total charge of credit: £183.68

1st repayment: £33.60

2nd repayment: £96.00

3rd repayment: £75.84

4th repayment: £66.88

5th repayment: £62.40

6th repayment: £48.96

Our application process is simple. We provide an instant decision and let you know the full amount you are eligible to receive.

Representative 1325% APR

More about representative APRs

Some of the terminology used when talking about financial products can be confusing. At Lending Stream, we’re all about making the application, borrowing and repayment process as straightforward and transparent as possible, so it’s important that our customers understand terms like payday loan interest rates and annual percentage rate, or APR for short-term loans, to make an informed decision before applying to borrow money.

When you compare loan APRs based on representative examples, you get an accurate reflection of what will be paid in those specific circumstances, but your own loan application and situation may well be different. A loan offer from Lending Stream depends on your personal circumstances and your credit history, so successful applicants will be approved for a maximum loan amount based on these factors.

What is a normal payday loan representative APR?

The representative APRs from different lenders, whether it's a payday loan APR or a 6-month loan APR, can vary somewhat. The amount of interest that UK lenders can apply to loans is capped at a maximum of 0.8% per day. Short-term loans are usually borrowed over a longer period than this and lenders will also include their regular fees or charges in the total repayment amount. This means that the APR shown in every lender’s representative examples includes the relevant fees and charges, in addition to the interest alone; giving an accurate example of the total cost of borrowing the money.

Are there such things as low interest payday loans or short-term loans?

Short-term loans or payday loans are not for everyone. They are an expensive way to borrow and failure to make repayments on time can result in financial difficulty. By their very nature, short-term loans will charge a higher rate of interest than traditional bank loans taken out over a longer period, which is why responsible lenders, such as Lending Stream, use an approval system to help determine whether loan applicants can afford the repayments before offering to lend money.

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1325% APR

Learn more about the cost of your loan, default charges, risks and prepayments.

Responsible Lending: Carefully consider whether a loan is right for your individual financial situation. Borrowing of this type is an expensive form of credit that may be appropriate for short term financial needs but which is not appropriate for longer term borrowing or if you are in financial difficulty. All loan application are subject to status, terms and conditions and to satisfactory passage of checks on credit worthiness and affordability.

We don't offer loans under 60 days. Early prepayment options that are available are not associated with any fees or cost. Maximum APR of 1698.1%. Given a Representative APR is 1325%, if you borrow £200 over 6 months at 292.0% p.a. (fixed) your first repayment will be £33.60 followed by £96.00, £75.84, £66.88, £62.40 and £48.96 the following months. You will repay £383.68 in total, there are no additional fees.