When it comes to loans and finance, many consumers are still left perplexed or intimidated by what phrases such as ‘interest rates’ and ‘APR’ really mean.
Here we’re going to explain in simple terms just what an interest rate is, and give you the confidence to make informed choices as a customer.
What is an interest rate?
‘Interest’ is simply the cost of borrowing money from a lender – from a mortgage, to a credit card, to a cash loan or a doorstep loan, it means the same thing.
Morses Club PLC (LON:MCL) is an established, relationship-driven consumer finance provider offering a range of credit products and delivering exceptional services to customers in the non-standard finance market.