Renfrewshire Council


You will usually have to pay interest on any money you borrow. This means that you have to pay back the amount your borrowed plus interest. The amount of interest you pay will vary from lender to lender.

You need to be over the age of 18 to borrow money.

You can borrow money in many different ways, for example, with:

  • A personal loan
  • A credit card
  • An overdraft
  • A catalogue
  • A credit union
  • A store card
  • A hire purchase agreement
  • Pay day lenders
  • Doorstep lenders

Things to think about before you borrow money include:

  • The interest rate
  • The amount you are borrowing
  • How long you are borrowing the money for
  • The total amount repayable
  • The regular repayment commitments you are agreeing to pay
  • Any additional fees and charges that may be applied
  • Have you shopped around? There are many different places you can borrow money from. Are you sure you are getting the best deal?

What does APR actually mean?

APR stands for 'Annual Percentage Rate'.

This is the term used to describe the charge you incur for borrowing money.

It shows you the overall cost of the borrowing by taking into account the length of time of the borrowing, the interest rate and any other additional costs that may have been added.



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