Explanation of APR/Charges

Do you find some financial terms confusing?

If so, then some of them are explained in the information below. If you have any other questions or information about what some of them mean please contact us on 0300 111 0556.

What is APR?

APR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers.

The APR includes important factors such as:

• the interest rate you must pay
• how you repay the loan
• the length of the loan agreement (or term)
• frequency and timing of instalment payments; and amount of each payment
• certain fees associated with the loan.

How much APR do Five Lamps charge?

The APR for our personal loans is currently from 49.9%. 

We will always refer you to a Credit Union if this is the best option for your needs. To find a Credit Union near you visit the Northern Money website www.northernmoney.org.uk.