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What are APR Rates?

Annual Percentage Rate (APR) is a measure used to describe the cost of borrowing money on a yearly basis, expressed as a percentage. It includes not only the interest rate but also any other charges or fees you have to pay to obtain the loan. Check out this quick guide which explains the key factors when discussing APR.

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APR: Key Terms

Comprehensive Cost Indicator

Interest Rate: The base cost of borrowing, expressed as a percentage of the loan amount.
Fees and Charges: This includes any additional costs such as arrangement fees, administrative charges, and any other compulsory fees associated with the loan.

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