Trick or Treat…


Halloween can be a scary time of year with ghosts, witches and vampires lurking nearby. Whilst kids enjoy ‘trick-or-treating’ we want to make sure you don’t get tricked by the term ‘Representative APR’. We have put together this simple guide to avoid being spooked when you need a loan.


So firstly…what is ‘APR’?

The Annual Percentage Rate (APR) shows you how much you will be charged to borrow money. Many banks and building societies advertise their interest rates as representative APR. But do you know what this means and how it works?


How does ‘Representative APR’ work?

This means the rate they advertise will be charged to the majority of applicants. To be exact, a minimum of 51% of applicants will be charged the representative rate, and this is usually those with the very best credit score.

The remaining 49% of applicants are usually charged according to their credit score and may end up being offered a more expensive loan than they applied for. So always read the small print because the rate you see advertised may not necessarily be the rate you get offered.


Why borrow from No1 CopperPot?

Here at No1 CopperPot Credit Union, we believe loans should be clear and simple (and not give you nightmares). Luckily, when you borrow from No1 CopperPot Credit Union, you won’t get any unexpected frights.

None of our loans use ‘representative’ APR. This allows members to know exactly what the rate will be upfront when a loan is approved. All our members enjoy the same great ‘what you see is what you get’ rates. Our loans are based on affordability and not just your credit score alone. Plus don’t forget we don’t charge any application or early repayment fees! 

Click here to view our loans