Representative Example for SME Loans up to £25,000
6.6% APR representative1 (fixed2); Based on an assumed loan amount of £14,000 over 28 Monthly repayments of £539.63 Total amount payable £ 15,109.64
Loan Amount: £14,000
Term: 28 months
Monthly repayment: £539.63
Total amount payable: £15,109.64
Annual Percentage Rate Representative (APR Representative): 6.6% APR representative (fixed)
Flat rate: 3.40%
Annual Percentage Rate (APR) is the total cost of the credit expressed as an annual percentage. It represents the actual yearly cost of credit over the loan term. The APR will vary depending on the loan amount and term.
How do we determine the Representative example?
In order to ensure that the example above is truly representative, Northridge carry out the following twice yearly:
Using the above average loan amount and term, along with the APR at which 51% of customers were charged (or were charged a lower APR), we have calculated the representative example above.