Cost Breakdown of a Guarantor Loan
Guarantor Loans Online is a popular guarantor lender in the UK offering loans between the range of £1000 and £5000 with a fixed APR charge of 53.8%. This posting will examine the total cost of a £1000 loan with this lender over the period of 12 months. For such a £1000 loan the total amount payable would be £1253.16 and so this would equate to 12 payments of £104.42. As noted, there is a fixed APR charge here of 53.8%, but to clearly understand the value of this loan we can look at what percentage of the total loan amount borrowed we would need to pay. This amount as a percentage would be 25.316%. This is great value considering that in comparison, the same loan (£1000 for 12 months) with Pounds to Pocket would equate to a 86.866% overall charge. This is a vast difference that just shows how much value is on offer with guarantor loans in the UK today.