Loan
APR
Also known as: Annual Percentage Rate, All-in Cost Rate
Annual Percentage Rate including all loan costs like interest, processing fees, and other charges.
Detailed Explanation
APR (Annual Percentage Rate) represents the true yearly cost of borrowing including not just the interest rate but also processing fees, documentation charges, insurance costs, and other mandatory fees. APR provides a standardized way to compare different loan offers as it includes all costs, unlike interest rates which only reflect the borrowing cost.