{"id":20015,"date":"2024-08-08T13:00:21","date_gmt":"2024-08-08T13:00:21","guid":{"rendered":"https:\/\/stg-evopublic-testupdates.kinsta.cloud\/public\/?page_id=20015"},"modified":"2026-06-08T10:03:13","modified_gmt":"2026-06-08T10:03:13","slug":"2-2-representative-apr","status":"publish","type":"page","link":"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-2-representative-apr\/","title":{"rendered":"2.2 Representative APR"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"20015\" class=\"elementor elementor-20015\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e83879f e-flex e-con-boxed e-con e-parent\" data-id=\"e83879f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-b1bff4b e-con-full e-flex e-con e-child\" data-id=\"b1bff4b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d2d203e elementor-widget elementor-widget-heading\" data-id=\"d2d203e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Representative APR<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-515ed5e e-con-full e-flex e-con e-child\" data-id=\"515ed5e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-72cadee e-flex e-con-boxed e-con e-parent\" data-id=\"72cadee\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-84dfc2d e-con-full e-flex e-con e-child\" data-id=\"84dfc2d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-71856a2 elementor-widget elementor-widget-heading\" data-id=\"71856a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is a representative APR?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-305e35a elementor-widget elementor-widget-text-editor\" data-id=\"305e35a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tThis is the Annual Percentage Rate (APR) that you would reasonably expect at least 51% of credit agreements to be entered into as a result of a financial promotion, at the date it is advertised. Your representative APR is not the average rate that your finance customers received.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72247db elementor-widget elementor-widget-text-editor\" data-id=\"72247db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The representative APR must be shown as \u201c% APR\u201d and used with the word \u201crepresentative\u201d.<\/p><p>You must be able to show that the rate quoted in the financial promotion is representative. If you deal solely with Evolution Funding, then your Account Manager should be able to help you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-17ec352 e-con-full e-flex e-con e-child\" data-id=\"17ec352\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-945075a elementor-widget elementor-widget-heading\" data-id=\"945075a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Show your working<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33f16f1 elementor-widget elementor-widget-text-editor\" data-id=\"33f16f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li>If you had 100 finance customers and listed them in order of APR received from lowest at the top to highest at the bottom, the representative APR would be the one that is 51st on the list.<\/li>\n \t<li>This would demonstrate that at least 51 of the 100 customers (51%) received that APR or lower.<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a89c45 elementor-widget elementor-widget-menu-anchor\" data-id=\"9a89c45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"whenmustarepaprbeshown\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-63413bd elementor-hidden-phone e-con-full elementor-hidden-tablet e-flex e-con e-child\" data-id=\"63413bd\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-34401bd elementor-widget elementor-widget-heading\" data-id=\"34401bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Financial Promotions Guide<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52bbfef elementor-widget elementor-widget-text-editor\" data-id=\"52bbfef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/\">Home<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b178fb1 elementor-widget elementor-widget-text-editor\" data-id=\"b178fb1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/1-0-about-evolution-funding\/\">1.0 | About Evolution Funding<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b33296 elementor-widget elementor-widget-text-editor\" data-id=\"2b33296\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-0-what-is-a-financial-promotion\/\">2.0 | What is a financial promotion?<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-227f8b1 elementor-widget elementor-widget-text-editor\" data-id=\"227f8b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-1-consumer-duty-consumer-understanding\/\">2.1 | Consumer understanding<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72eb830 elementor-widget elementor-widget-text-editor\" data-id=\"72eb830\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-2-representative-apr\/\">2.2 | Representative APR<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3535cb elementor-widget elementor-widget-text-editor\" data-id=\"f3535cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-3-representative-example\/\">2.3 | Representative example<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79ed7de elementor-widget elementor-widget-text-editor\" data-id=\"79ed7de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-4-prominence\/\">2.4 | Prominence<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-978f9bb elementor-widget elementor-widget-text-editor\" data-id=\"978f9bb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-5-regulatory-disclosures\/\">2.5 | Regulatory disclosures<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b6ebc23 e-flex e-con-boxed e-con e-parent\" data-id=\"b6ebc23\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-66ab155 e-con-full e-flex e-con e-child\" data-id=\"66ab155\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-a99ef9b e-con-full e-flex e-con e-child\" data-id=\"a99ef9b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3cff67b e-con-full e-flex e-con e-child\" data-id=\"3cff67b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e4d28ca elementor-widget elementor-widget-heading\" data-id=\"e4d28ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">When must a representative APR be shown?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-835403e elementor-widget elementor-widget-text-editor\" data-id=\"835403e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>As per CONC 3.5.7R (1), a financial promotion must include the representative APR if it:<\/p><ul><li>States or implies that credit is available to people who might otherwise think their access to credit is restricted.<\/li><li>Includes a favourable comparison with another person, product or service, whether the comparison is clear or implied.<\/li><li>Includes an incentive to apply for credit, or to enter into an agreement where credit is provided.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0519050 elementor-widget elementor-widget-heading\" data-id=\"0519050\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Examples of 'trigger' wording<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d3a032 elementor-widget elementor-widget-text-editor\" data-id=\"4d3a032\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li>\u201cBeen refused credit?\u201d<\/li><li>\u201cStruggle to get credit?\u201d<\/li><li>\u201cDo you have CCJs and find it difficult to obtain credit?\u201d<\/li><li>\u201cLowest rates ever\u201d<\/li><li>\u201cLowest rates until\u2026<\/li><li>\u201cLower rates than\u2026\u201d<\/li><li>\u201cQuick and easy application for credit\u201d<\/li><li>\u201cZero deposit required\u201d<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a4df899 e-con-full e-flex e-con e-child\" data-id=\"a4df899\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0749612 elementor-widget elementor-widget-image\" data-id=\"0749612\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"543\" height=\"1024\" src=\"https:\/\/www.evolutionfunding.com\/public\/wp-content\/uploads\/2024\/09\/Phone-Check-543x1024.png\" class=\"attachment-large size-large wp-image-20808\" alt=\"Mobile example of a compliant financial promotion\" srcset=\"https:\/\/www.evolutionfunding.com\/public\/wp-content\/uploads\/2024\/09\/Phone-Check-543x1024.png 543w, https:\/\/www.evolutionfunding.com\/public\/wp-content\/uploads\/2024\/09\/Phone-Check-159x300.png 159w, https:\/\/www.evolutionfunding.com\/public\/wp-content\/uploads\/2024\/09\/Phone-Check-768x1449.png 768w, https:\/\/www.evolutionfunding.com\/public\/wp-content\/uploads\/2024\/09\/Phone-Check-814x1536.png 814w, https:\/\/www.evolutionfunding.com\/public\/wp-content\/uploads\/2024\/09\/Phone-Check.png 831w\" sizes=\"(max-width: 543px) 100vw, 543px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3c7be9e e-flex e-con-boxed e-con e-parent\" data-id=\"3c7be9e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-c5a6274 e-con-full e-flex e-con e-child\" data-id=\"c5a6274\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-11f0d1d e-con-full e-flex e-con e-child\" data-id=\"11f0d1d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5585c61 elementor-widget elementor-widget-heading\" data-id=\"5585c61\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Next \/\/ Representative example<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c66722f e-con-full e-flex e-con e-child\" data-id=\"c66722f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eab81ae elementor-align-right elementor-widget elementor-widget-button\" data-id=\"eab81ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-3-representative-example\/\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Continue<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Representative APR What is a representative APR? This is the Annual Percentage Rate (APR) that you would reasonably expect at least 51% of credit agreements to be entered into as a result of a financial promotion, at the date it is advertised. Your representative APR is not the average rate that your finance customers received. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":25409,"parent":19892,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-20015","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2.2 Representative APR | Financial Promotions Guide<\/title>\n<meta name=\"description\" content=\"Learn when a representative APR is required, how it should be calculated and the finance promotions that trigger APR disclosure requirements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.evolutionfunding.com\/public\/financial-promotions-guide\/2-2-representative-apr\/\" \/>\n<meta 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