Fintern plans to offer a targeted APR of 15.0% at launch for all loan sizes. The targeted APR compares very favorably to other lenders. While large banks advertise personal loan rates with low single digit percentages, these numbers only apply to their large loan sizes. For example, although Lloyds advertises personal loans at a 3.9% APR, this is only for loans above £7,500. As it stands today, Lloyds' representative APR for a £2,500 loan is 26.7%. Check out their personal loan calculator
Compared to specialist lenders, Fintern's 15.0% APR is an order of magnitude lower. Borrowing at Fintern's lower interest rate allows people to repay faster and dramatically reduce their cost of borrowing.
A recent comparison of APRs for £1,000 loans is shown below.Fintern's Representative Loan Example:
£1,000 loan repayable over 36 months. 36 monthly payments of £34.21. Rate of interest 15.0% p.a. (variable). Representative 15.0% APR (variable). Total amount repayable £1,231.37