An annualised rate can assist comparison, but the complete quote remains necessary. Do not invent an APR by multiplying a daily headline rate.
What to check
- The disclosed rate measure
- fee list and repayment schedule
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
A decision to avoid
Presenting a rough multiplication as the provider's official APR.
A calculation you can check
Illustration only: cash received R2 000; three payments of R750; a separate required charge of R50. Total paid = 3 × R750 + R50 = R2 300. Difference from cash received = R2 300 − R2 000 = R300. This difference is not an annual interest rate. Include the charge only if it is outside the three payments; do not count it twice.
Questions about this decision
What should I check first?
An annualised rate can assist comparison, but the complete quote remains necessary. Do not invent an APR by multiplying a daily headline rate.
Which information do I need for this decision?
The disclosed rate measure, fee list and repayment schedule.
Which mistake should I avoid here?
Presenting a rough multiplication as the provider's official APR.
How do I check the disclosed rate measure?
Locate the actual dated record for The disclosed rate measure. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
How do I check fee list and repayment schedule?
Locate the actual dated record for fee list and repayment schedule. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
What should I do if a required detail is missing?
Mark it as unresolved. Ask for that precise detail before choosing; do not substitute an advertised example for your own document.
What is the next practical step?
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
How can I verify the explanation?
Use the documents listed above. Check quoted amounts and dates in the original record; use the official reference links for the organisation’s guidance.
