For example, a loan advertised at Representative 30 % APR means that 51 % or
more of the accepted applicants receive 30 % as their annual rate of interest.
Late last month, Google admitted that it had revoked some of the invitations sent out to its latest Glass Explorer test group, because a
number of accepted applicants failed to meet the original contest criteria.
Even if the field of finance is a highly technical industry, they are still open in
terms of accepting applicants who would like to immerse in the processes of finance and accounting without prior work experiences.
So if a loan is advertised as being 7.5 % representative APR, this means 51 %
of accepted applicants will get 7.5 %, and 49 % will get a different rate (likely higher).
The term «representative» is defined in the rules as meaning lenders only need to give the advertised rate to 51 %
of accepted applicants, the rest can be — and sometimes are — charged more.