what is the difference between apr and interest rate on a personal loan

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An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.

Let us first clear the basic difference between Floating and Fixed interest rate loans – Floating rate loans are where the.

The term "annual percentage rate" is commonly used in reference to financial products such as mortgages, credit cards and personal loans. broadly speaking, APR is the sum of the interest rate.

Credit cards and personal loans might both come with APRs. But it doesn’t quite work the same way. With a personal loan, you’ll typically pay a percentage of your loan principal in interest each month – this amount can vary, especially if your loan is amortized.

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The difference between an APR and an interest rate is that the APR equals the interest rate plus other loan costs. The APR is more representative of the total annual cost that you’ll end up paying for borrowing money.

Personal loan interest rates generally range from about 6 percent to 36 percent. The actual rate you receive depends on multiple factors, such as your credit score, annual income, and debt ratios.

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A key difference between the two is that APY takes into account the effect of compound interest for deposit products while APR does not. APY (annual percentage yield) refers to what you can earn in interest while APR (annual percentage rate) refers to what you can owe in interest charges.

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That’s why grasping the credit card APR is crucial. life of the loan as interest charges are charged on top of prior interest charges. Most credit card APRs are variable, meaning they move in.