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Best Buy Tables Explained
On CreditChoices.co.uk we list unsecured loans in best buy tables so that you can quickly find the loan that best fits your circumstances. This page explains what each of the columns of data mean in the table:
Loans Best Buys
Typical APR % - this is the interest rate 66% of successful applicants are offered by the lender. Some lenders will offer different APR %'s rates to customer according to individual credit rating
Monthly repayment - the amount a customer will have to repay each month including interest
Total repayment - the total cost of the loan and the interest for the entire duration of the loan
Debt consolidation - a yes / no status on whether a customer can use the loan to pay off credit cards or other loans
Instant decision - will a customer be approved online or will they have to wait to be notified by e-mail, phone or post
Package Name - banks often have many different savings products. This is the name of the savings account.
AER % - this is the Annual Equivalent Rate. This represents the % annual return on your savings deposits.
Notice Period - The number of days notice you have to provide the bank to get your money without losing interest or incurring penalty charges.
Minimum Balance - The minimum amount required to open and maintain a savings amount.
Interest Paid - This indicates when interest is earned on the balance of the account. If interest is earned on a daily basis, this will maximise the amount of interest that you will earn.
Internet / Phone Banking - Can you manage your account online or via a call centre. Many savings accounts with the most competitive rates may require you manage your account in writing
