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| Name | Prodigy Finance: APR Explained |
| Video Uploader | Video From ProdigyFinance |
| Upload Date | This Video Uploaded At 05-02-2016 05:24:53 |
| Video Discription | In accordance with FCA regulations, LIBOR is being phased out as a base rate. The interest rates of the student loans offered by Prodigy Finance track various SOFR rates: Loans finalised after 30 June 2023: 30-day Average SOFR (from 8 January 2024) Loans finalised after 30 July 2017 and prior to 1 July 2023: 3-month CME Term SOFR* APR (Annual Percentage Rate) is the key tool for comparing different loan offers, and understanding the total cost of borrowing over the duration of a loan. Here, we compare two examples, explaining why a rate that may look better on the surface can sometimes cost you more in the long run once the base rate, and all fees are factored in. |
| Category | Howto & Style |
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