What is an APR?
School may be out for summer, but LendScout is always here to help with the ABC’s of Lending!
APR, or Annual Percentage rate, is a way to estimate the full amount of interest and fees you will pay in a year. Think of it as the annual cost of borrowing money. It’s often used to compare loans because it includes all interest, fees, and costs on a loan.
When shopping for loans you want to compare the APR (not just the interest rate) because this will give you a full scope of how much money it will cost you on an annual basis.
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