Reported about 15 hours ago
The APR, or annual percentage rate, on a personal loan signifies the total annual borrowing cost, including interest and fees. It's essential for comparing loan offers, as a significant difference between stated interest rates and APR may indicate high fees. Factors like credit score, income, and loan terms influence your APR. Generally, a good APR is below the national average, and borrowers with lower credit scores face higher APRs. To secure favorable loan terms, it is crucial to compare APRs while considering fees and your overall financial profile.
Source: YAHOO