What is APR?

The annual percentage rate is the cost of borrowing shown as a yearly figure, with interest and fees folded into one number so lenders can be compared at a glance. A lower rate usually means a smaller monthly payment, though the total repaid still depends on the term you take. 1822direkt lists an APR of 5.29%, Abe Student Loans spans 2.08% to 16.58%, and ABB Bank works across 10.9% to 42.2%.