Top Tips: APR

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The Annualized Percentage Rate (APR) is a great tool to use when comparing different loan providers.

The APR is the interest rate that the lender or bank is going to charge you. This interest rate is worked out per year – but payable at the end of each month.

Generally speaking, the shorter your loan period, the higher the APR or interest rate you will be charged. In South Africa a cap has been set for the maximum interest rate a lender is allowed to charge the borrower. This ensures that lenders do not exploit borrowers when lending money.

Fincheck allows transparency with this information and shows you what each lender will charge – allowing you to make that informed financial decision when applying for an online loan.