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APR isn't the same as the interest
rate you'll actually pay.
A lot of people are confused about APR (Annual Percentage Rate), and why it's such a big number. The actual interest rate you pay is just about 1% per day, and we give you flexibility on how long you would like to borrow. With Zebit you can't borrow for a year, but by law we have to show a figure whereby even though you are not borrowing for a year, the interest rate must be compounded the same number of times the actual loan period would fit into a year. That results in a really huge number. If you calculated the actual interest you would pay if you could borrow for a year (but remember, you can't!) it would end up around 327%.
Because the APR tells you nothing about the actual cost of your transaction, we think it's more important to always show the actual cost of the total repayment. When you set up your loan, we'll show you exactly how much each payment is and when it is due. We think that makes things a lot more clear than using just APR.
