Our Representative APR is the rate we offer most of our customers. So, if you see a Representative APR of 19.4%, then usually that’s the rate at least 51% of our customers are expected to get.
Most people who check their eligibility for Tymit qualify for a Tymit Booster card, rather than Tymit Credit. So our overall Representative APR is calculated based on what is representative for customers using Booster, our credit-builder card where you pay a fixed monthly fee rather than variable interest.
That's why you'll see Tymit's Representative APR displayed like this:
Representative Example: Representative APR 19.4% (fixed) based on a borrowing of £1,200 over 12 months with a £9.95 monthly fee.
If you qualify for Tymit Credit, this changes to a variable rate rather than fixed, as you'll be paying variable interest on your instalments rather than a fixed monthly fee. To help, here we can give you an illustrative example of what to expect if you qualify for Tymit Credit.
Illustrative Example: Rep. APR 21.9% (variable). This means for a purchase of £100 at 21.9% spread over 12 months, you’ll pay a total of £111.12 (12 payments of £9.26). No annual fee.