What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal amount, while APR includes the interest rate plus fees and other loan costs. APR gives you the true cost of the loan.
Calculate the true cost of loans with our APR calculator. Compare different loan offers and understand the real interest rate you'll pay.
APR is the true cost of borrowing money, expressed as a yearly percentage. It includes not just the interest rate, but also fees and other costs associated with the loan.
APR represents the annual cost of a loan to a borrower, including fees. It's designed to help consumers compare different loan offers on an equal basis by showing the true cost of borrowing.
Interest Rate: The cost of borrowing the principal loan amount, expressed as a percentage.
APR: The interest rate plus other loan costs, giving you the true cost of the loan.
APR helps you compare loans from different lenders. A loan with a lower interest rate might have a higher APR due to fees, making it more expensive overall.
The interest rate is the cost of borrowing the principal amount, while APR includes the interest rate plus fees and other loan costs. APR gives you the true cost of the loan.
APR includes additional costs like origination fees, processing fees, and other loan-related charges that aren't part of the base interest rate.
Compare the APR of different loans to see which one costs less overall. The loan with the lower APR will generally cost you less money over the life of the loan.
