What if I have been quoted a high APR?
The APR offered by lenders depends largely on your personal
circumstances. Unsecured loans will usually have a relatively high
APR when compared to a secured loan.
If an applicant has had problems
in the past with making repayments on credit agreements, the lender
may consider him/her to be a 'high risk'.
If a lender decides to offer a loan
to a high risk applicant, the APR offered will in general be on the
higher side.
Another type of applicant who may be considered as 'high
risk' is someone who has no credit history - i.e. has had no, or just
one or two, credit agreements in the past.
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