What is an RAPR?
RAPR stands for Representative Annual Percentage Rate and it is the rate that we expect at least 51% of our customers to be charged on their loan. This means that it is representative of what the majority of our consumers will pay as a percentage rate on their loan.
Penalties Relating to Late or Non-Payment
If you are concerned that you may be unable to re-pay all or some of what you owe, you must speak to your lender as soon as possible. They will be able discuss any options with you moving forward, such as any payment options that are available to you and the charges that may be implemented as a result. Please be aware that if you do not speak to your lender they may either automatically roll your loan over and add surcharges as a result (meaning that your overall balance will be higher), or alternatively they may exercise their right to pass your detail onto a third party collections agency who will undertake the recovery of your debt. Some lenders do not apply additional charges for late fees
All of the information regarding what you can expect from your specific lender in instances such as this will be detailed within your loan agreement and the terms and conditions provided alongside it. If you are unsure about anything please contact your lender.
Disclosure of Fees
Here at Epic Loans we hope to be as understandable and transparent as possible with regards to the disclosure of fees and charges. We are not a direct lender, we are a broker and as such we DO NOT charge a fee for our service. This means that you will not be subject to any application fees, postal fees or fast funding fees. Any money that is added to your account will be done so at the discretion of your lender and will be detailed in full within your loan agreement. Epic Loans will endeavour to only work with lenders who operate fair and reasonable lending practises in order to keep your best interest in mind.