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APR – what is the APR

Abbreviation APR represents the annual percentage rate of charge. It is a percentage of the amount that the applicant pays extra per year for the financial product (usually loan).

The APR includes all the interest rates and fees that bank or other company account for the loan per year. Therefore, when choosing a loan, you should take into account just the APR which can be compared within various types of loans across the financial market. All values are in percentage so it is easy to compare the rates and then choose the loan that meets your requirements. No other value or indicator gives us more exact information about how much we actually pay.

Interest x APR

Therefore, it is advisable to follow not only interest rate but also the APR. Ultimately, a loan with higher interest rate can be more favorable than a loan with a lower interest rate because of the APR that may have exactly the opposite values and so it is an indicator that can be used for comparison. APR is simply an all-encompassing value which you can rely on while deciding and you can be sure that further increase over this percentage is not possible.

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