Los Angeles, CA -- (ReleaseWire) -- 10/11/2012 -- The owners of PaydayLoansRevealed.co.uk set up a new blog post giving a thorough explanation of what an annual percentage rate (APR) is. Many people applying for loans will hear this term thrown around quite a bit, so it made sense for the website to offer further explanation for those still unsure.
In the article, APR is explained as the factor that determines how much interest a person will pay on the loan’s outstanding balance. Each lender will have slightly different terms, so it is important to keep any eye out for that when a person decides to click here and take out a lump sum of money.
The article also explains how payday loans tend to have a much higher APR rate than normal loans. This is due to the fact that these are considered short term loans, so the quicker they are paid off, the less a person has to pay in fees.
Along with APR explanation, the website also reviews many of the top lenders in the United Kingdom, such as Toothfairy Finance, Mr Lender, FLM Quick and Purple Payday. To check out the most recent review on Purple Payday, click here for more information http://www.paydayloansrevealed.co.uk/purple-payday/.
PaydayLoansRevealed.co.uk is a website aimed at helping people secure quick, affordable payday loans. Customers can apply in minutes and get sent numerous quotes from reputable lenders.