Unless you’re borrowing money from your mom and dad (or perhaps even then), you can expect your installment loan to come with an interest rate. However, because many interest rates are described in terms of months and neglect to include fees, it can be difficult for borrowers to assess the true cost of the loan. To figure out how much the loan will cost in total, you will need to factor in the annual percentage rate (APR). An installment loan APR communicates the interest rate of the loan for the entire year including any required fees. To better understand the APRs of installment loans, check out the FAQs below.
[Read more…] about Installment Loan APR
Archives for January 14, 2016
