Finance
Spread the cost, keep the guarantee
Four finance options on qualifying products, subject to status and credit checks: 24 months interest free, or 36, 60 or 120 months at 10.9% APR representative. Work out an example below — then we walk through real numbers at quote stage.
Finance calculator
Monthly payment and total repayment
Four options only — 24 months interest free, or 36, 60 or 120 months at 10.9% APR representative. Interest-free is compared with a typical high-street personal loan. Not a quote or an offer of credit.
Monthly repayment
£171.52
Total repayment
£10,291.20
60 payments of £171.52 = £10,291.20
- Project cost
- £8,000.00
- Deposit
- £0.00
- Amount borrowed
- £8,000.00
- Total interest
- £2,291.20
- Interest rate (p.a. fixed)
- 10.9%
- Representative APR
- 10.9%
Representative example: borrowing £8,000.00 over 60 months at 10.9% APR representative. 60 monthly payments of £171.52. Total repayment £10,291.20.
The only finance options we offer are 24 months interest free, or 36, 60 or 120 months at 10.9% APR representative. Subject to status. Phoenix is a credit broker, not a lender. This is not financial advice. Borrowing more than you can afford or paying late may adversely affect your financial status and ability to obtain credit.
APR vs interest rate
Two numbers, one job
Interest rate
What you are charged
The yearly rate on the balance you still owe. Ours is 0% p.a. on 24 months, or 10.9% p.a. fixed on 36, 60 and 120 months.
Representative APR
The figure for comparing
APR (Annual Percentage Rate) is the official yearly cost, including compulsory fees. The FCA requires it in adverts so you can compare a loan with a bank, a credit card or our finance.
On these four options there is no extra broker fee in the illustration, so the interest rate and the APR are the same number — 0% or 10.9%. Banks do the same on a no-fee personal loan: HSBC, for example, quotes 6.5% p.a. and 6.5% APR.
A “flat” interest rate (total interest ÷ amount borrowed ÷ years) always looks lower than APR. It is not a fair comparison and we do not use it. Always compare APR and the total you repay.
The four options
Interest free compared with a bank. Longer terms on their own.
Bank comparison is only for 24 months interest free — that is where you pay no interest and a typical high-street loan does. 36, 60 and 120 months are shown at our 10.9% APR representative, not against a bank.
Interest free vs a bank loan
24 months — you pay back only what you borrow
Example on £8,000.00. Bank column is 6.5% APR representative (advertised high-street rate — only if you qualify).
| Clear Choice | Bank loan | |
|---|---|---|
| Interest rate / APR | 0% | 6.5% |
| Monthly | £333.33 | £355.70 |
| Total repayment | £7,999.92 | £8,536.80 |
| Interest | £0.00 | £536.80 |
Longer terms
36, 60 and 120 months at 10.9% APR
Example on £8,000.00. Interest rate and APR are both 10.9%. These are our products — not compared with a bank loan.
| Option | Interest rate | APR | Monthly | Total repayment |
|---|---|---|---|---|
| 36 months | 10.9% p.a. | 10.9% | £259.61 | £9,345.96 |
| 60 months | 10.9% p.a. | 10.9% | £171.52 | £10,291.20 |
| 120 months | 10.9% p.a. | 10.9% | £107.46 | £12,895.20 |
- 24 months interest free — you pay back only what you borrow. A bank loan charges interest from month one.
- 36, 60 or 120 months at 10.9% APR — spread the cost over a longer term. Monthly figures are in the table above.
- Neither we nor Phoenix can tell you which option is right. That is your decision.
- You can pay a deposit to us, or borrow the full amount.
- 10-year guarantee on selected ranges, independent of how you pay.
- The lender will perform a hard search on your credit file. Approval is not guaranteed.