Loans and costs
Small loans. Costs explained clearly.
Understand repayments, flat interest and representative APR before you decide whether a Fairwood loan is right for you.
Your costs explained
Straight answers about the figures.
Open each question for a plain-English explanation of the figures shown in our examples.
What does total repayable mean?
The total repayable is the amount borrowed plus the interest charged. On the default £200 example, that is £300 altogether, paid at £12.00 a week over 25 weeks. The calculator on our home page shows the figures for each available repayment option.
How is the interest worked out?
Fairwood charges interest once at a fixed flat rate: 35% for 15 weeks or 3 months, 50% for 25 weeks or 6 months, and 68% for the returning-customer 48-week or 12-month option. On the shorter £200 example, the interest charged is £70.
What is representative APR?
Representative APR is a standard annual comparison figure. It changes with the repayment length and whether payments are weekly or monthly. The calculator on our home page works it out for the option selected.
What happens if I miss a payment?
Fairwood does not add late-payment fees or default charges, so the agreed cost of your loan does not increase because a payment is late. You are still expected to make every repayment under your agreement. If you think you may miss a payment, contact us as soon as possible so we can understand what has changed and discuss the support available. Missed payments may be recorded with credit reference agencies and could affect your ability to borrow in future.