What is APR?

APR is also referred to as the annual percentage rate. It is a figure used to disclose the cost of credit. It is the yearly amount a borrower must pay for getting a loan or other type of consumer credit. By law, lenders are required to disclose this number to consumers. The function of the APR is to allow consumers to compare the costs of financing from different financial institutions. The APR makes it more difficult for banks and lenders to hide fees.

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