/ concepts

Advertised APR isn't a guarantee


APR is advertised as either a typical or representative APR.
A representative APR is the rate that you will see advertised, but what you see is not always what you get. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Representative or typical APR refers to the rate that at least 51% of people who are accepted for that product💳 will pay. Meaning up to 49% of people who take out that product may pay a higher APR than that advertised.
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So, the actual APR you pay could be incredibly different…..higher or lower😧. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
So while the representative APR does offer some value you should look at it as more of a guide than the actual rate on offer to you.
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To see what rate a lender will offer you, you can typically carry out a soft check or eligibility check with the lender or service provider. These checks are designed not to affect your credit score💃 and are only visible on your credit file to you. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Some soft checks are extensive enough to provide you a guaranteed rate while others just let you know if you will be eligible for the product.
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Remember, if you find that you have taken on a more expensive product (credit card, loan etc) than you could have been eligible for, you have a 14 day cooling off period in which you can walk away from any financial product from the date of purchase😥.

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Advertised APR isn't a guarantee
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