The more you borrow, the lower the apr. If I want a 3k loan, it's at least 8%. If I get a 7k loan then this can be as low as 4%.
What's to stop me taking out the larger loan with the better apr and then making a 4k partial repayment and essentially having a 3k loan at 4%?
What's to stop me taking out the larger loan with the better apr and then making a 4k partial repayment and essentially having a 3k loan at 4%?