My credit agreement says I am borrowing €1,500, but that's not what I understood. What does this figure mean?

This figure is not the amount you are actually borrowing – it's an assumed amount used in the calculation of the APR which we are required to include on our credit agreements.  The credit agreement also includes the total amount you would have to pay back plus interest if you were to drawdown the assumed €1,500.

This APR is included as standard by all credit providers so that you can compare different credit options.