How does APR in personal loan works?

 

APR in a personal loan stands for Annual Percentage Rate. It shows the total yearly cost of your loan, including interest and processing fees. A lower APR means you’ll pay less overall, while a higher APR increases your repayment amount. Knowing the APR helps you compare different loan offers and choose the most affordable one. Always check the APR before applying for a personal loan to understand the true cost of borrowing.

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