Representative APR is an advertising benchmark, not a promise of your own rate or acceptance. A personal offer can be more expensive, and an application can be declined.
What representative means
For a representative APR, the lender must expect at least 51% of the agreements resulting from the promotion to have that APR or lower. That is not a claim that 51% of everyone who applies will be accepted.
APR expresses borrowing cost as a yearly percentage and includes relevant compulsory charges. The interest rate alone may not tell the same story.
Keep the advert and the offer separate
Use two columns in your notes: advertised information and information offered to you. Record the date beside each. Leave the personal-offer column blank until you have a real offer; do not copy the headline rate into it.
When an offer arrives, compare its APR, repayment amount, term and total repayable. A rate shown for a different amount or repayment period is not a like-for-like comparison.
- Is this rate representative or specific to me?
- What amount and term does it apply to?
- Is it fixed or variable?
- Which fees and conditions are included?
- Is any displayed result conditional on further checks?
What this guide does not tell you
An advertised rate cannot establish whether borrowing is affordable for you. This guide does not predict a lender's decision, recommend borrowing or provide a live product quote.
Sources and scope
Prepared by Umofi. Sources checked on 17 September 2026. General information, not a personal recommendation. Check the current source and the firm’s written terms before acting.