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Ads were exempt from this provision only when Regulation 6(1) applied and the only rate of interest or amount relating to the cost of credit was the RAPR itself. We therefore understood that were the cashback offer not to be an incentive to apply for credit requiring (under Regulation 6(1)) the inclusion of the RAPR, and if the ad did not include any other triggers for the RAPR, the ad would have needed to include a representative example.
Because the cashback offer constituted an incentive to apply for credit, the RAPR needed to be communicated with greater prominence than the offer itself. The offer was included towards the end of the ad in both the voice-over (".
when you pay back in full on your original due date, we'll give you £5 cashback for every £100 you borrow") and in bold text in a large yellow circle that appeared on-screen ("£5 Cashback for every £100 borrowed"), whilst the RAPR was stated only in text at the bottom of the screen. Although we noted that the ad should be taken as a whole, we considered that information given in a voice-over would generally be seen by consumers as being more prominent than on-screen text at the bottom of the screen, and that on-screen text at the bottom of the screen was therefore unlikely to be sufficiently prominent if the triggering information was given in the voice-over, or both in the voice-over and on-screen.
We also noted that, while the RAPR was written in a larger font size than the cashback offer and was displayed for slightly longer, it was not shown at the point that the cashback offer was introduced, or at any point thereafter, and that the cashback offer was presented in the main will paying off a personal loan boost my credit score of the screen within a bright yellow circle whilst the RAPR was not.
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The lender you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender based on the lenders internal policies, underwriting criteria and applicable law.
WhiteRockLoans. com has no knowledge of or control over will paying off a personal loan boost my credit score loan terms offered by a lender. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.