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Post by mogzi on Feb 2, 2015 13:15:37 GMT
emoney Hi. Can you confirm that the rate you charge ALL borrowers is 41.16% p.a. as that is what your website states. Thanks
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Post by emoney on Feb 5, 2015 11:36:23 GMT
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Post by davee39 on Feb 5, 2015 12:49:54 GMT
Must have imagined the following then
Total Cost of Borrowing.
Everybody pays the same interest rate on their borrowings. We adopt a completely transparent charging structure.
The interest rate charged is 3.43 % per month or 41.16 % per annum.
This means that for each £1,000 owed you will be paying back £34.30 per month in interest.
Total amount repayable based on £7,000 borrowed and repaid after;
1 Year £ 9,969.,20 APR equivalent (56.10 APR)
2 Years £10,768.19 APR equivalent (53.3% APR)
3 Years £12,801.61 APR equivalent (52.9% APR)
4 Years £15,006.26 APR equivalent (51.9% APR)
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Post by emoney on Feb 5, 2015 17:48:52 GMT
Hi Davee; Under FCA financial and promotion rules a "Typical Example" is to be displayed, and the example you are referring to relates to our Personal Guarantor Loan Product, this was the first product we launched with and I have removed the reference that "Everybody pays the same interest rate" Thanks for that  . The Typical Example heading is there and is a FCA reuqirmement, so I will add for you to ensure references to the eMoneyUnion website are deemed Clear, Fair and not Misleading. Typical example steps and costs.
£7,000 loan requested. Approved and risk grade AAA given to borrower, therefore £145 completion fee added to loan amount. Total Loan = £7,145.00. Repay £305.63 p.m. x 48 months. eMoneyUnion administers the payment of capital and interest to individual lenders. Total Cost of Borrowing. The interest rate charged is 3.43 % per month or 41.16 % per annum. This means that for each £1,000 owed you will be paying back £34.30 per month in interest. Total amount repayable based on £7,000 borrowed and repaid after; 1 Year £ 9,969.,20 APR equivalent (56.10 APR) 2 Years £10,768.19 APR equivalent (53.3% APR) 3 Years £12,801.61 APR equivalent (52.9% APR) 4 Years £15,006.26 APR equivalent (51.9% APR) |
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. The Typical Example heading is there and is a FCA reuqirmement, so I will add for you to ensure references to the eMoneyUnion website are deemed Clear, Fair and not Misleading.