Compare
the cost of borrowing
|
Source of credit
|
Typical
interest rate (APR) |
Monthly
repayment |
Total
interest |
Saving
on interest |
Credit
Union |
12.68% |
£88.85 |
£66.20 |
|
Credit
cards |
22.30% |
£93.69 |
£124.28 |
£58.15 |
Door
to door lenders |
177% |
£137.50 |
£650 |
£583.87 |
Typical
example of £1000 loan borrowed over 12 months
|
