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What is APR?

What is APR?

  • November 20, 2017

APR stands for annual percentage rate. It lets the borrower know the actual cost of a loan. The annual percentage rate considers all the finance charges executed by a bank so that borrowers can compare which rate is a better rate for them. Every lender must inform a borrower what the APR of the transaction is and then a borrower can compare the APR from one lender with the APR of the other lender. The lower APR is, the better and cheaper rate.