Hello Jennie

The total charge for credit means just that - £838.56 is what the lender charges you for the privilege of taking up the loan - i.e. the lender's charge for lending you the money

The rate of interest is the amount of interest the lender charges for the same reason just mentioned. The lender is not lending you the money for free.

This is the lender basically saying: I'll lend you £1,500 but...you have to repay me £1,500 plus an extra £838.56

The APR of 36% is excessively high. You need to affirm whether this rate of interest is fixed for the duration of the loan or subject to variations - i.e. the lender can charge you whatever he wants.

I'm sure you can get a better deal if you shop around

HTH

robert7111a

Hiya -

I was hoping for a little advice and maybe a review or 2...

Have any of you guys used/been with/know of FLM?

I have applied for a loan of £1500 and so far - been accepted as long as i can provide a guarantor... The repayments are not as bad as some of the places i have seen... of course they are high... BUT thats to be expected when i have bad credit :(. Anyways, I have looked for reviews and not really found that much and i really can't afford to be stung this close to Christmas.

Also, i am sorry if i sound really stupid asking this, BUT, on the information i have been sent.... it has the amunt i am wanting to borrow - the APR etc repayment amounts etc... ALSO it has something that says

"Total charge for Credit - £838.56" and "Rate of interest 36%"

What is this???

Thank-you for anyone that can help me out..

Jennie

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