A recent study by Yonder reveals that 94% of UK consumers misunderstand what the 'Representative APR' actually conveys, affecting their credit decisions.
Despite being a mandated component in credit product advertising, 74% of UK consumers cannot explain what APR means, reflecting widespread confusion.
The term 'representative' within 'Representative APR' is misunderstood; 77% of UK consumers do not grasp its true meaning, complicating their borrowing choices.
The findings suggest that misconceptions about APR discourage half of UK shoppers from engaging with beneficial credit products, impacting their financial future.
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