What is Annual Percentage Rate (APR)?

May 24, 2023

If you’ve ever had a credit card, or taken out a loan, you’ve likely seen mention of “APR”, but do you understand exactly what it means? To start, APR stands for “annual percentage rate”, and it’s the annual cost of borrowing money. It not only includes the interest you’ll pay on the loan in a year’s time, but also includes any other fees the lender may charge. Because the APR impacts your bottom line, it’s essential to understand what yours will be, before you apply for a loan, mortgage, or credit card. Let’s take a closer look at the ins and outs of APR, so you can make a better, and more informed, borrowing decision [Click Here To Continue Reading].