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When you borrow money, then whoever you borrow money from will want some extra money paid back to them. This is called interest. This is because there is a risk that the money may not be repaid (called a credit risk) The higher the risk the more interest they will want, to make the risk worthwhile.
Interest can be charged daily, weekly, monthly or annually. It is quoted as APR – Annual Percentage Rate. An APR of 15% means that for every £1.00 you borrow you will pay back £1.15 over a year. This is the minimum that needs to be paid. If you don’t make the payments you will be charged more. For more information, see our page on APR.
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