Glossary
The yearly cost of borrowing expressed as a percentage, including some fees.
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The yearly cost of borrowing expressed as a percentage, including some fees.
It lets you compare loans of different lengths on one annual scale. It is not the same as a factor rate.
It is a standard yardstick for loans.
A $10,000 loan at 12% APR over a year costs about $1,200 in interest.
Canadian loan disclosure uses a cost of borrowing. Advances are usually not quoted as APR.
An APR is read as a convenience for comparing loans: it folds some fees into one annual percentage. Reviewers and owners should use it for loans of different lengths, then also look at total dollars, because a low APR on a long term can cost more in total than a higher APR on a short one.
APR is not a cost in dollars. Two loans at the same APR can have very different total costs if their terms differ.
Approximately, if you know the term.
See the related guides and the comparison pages, or apply and ask.
No. It is educational information, and agreements vary.
Educational information only. It is not legal, tax or accounting advice.
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