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The Annual Percentage rate (called also APR) is quite significant in the sphere of business. Only if you know it good enough, you can efficiently compare different rates. All of the lenders are required to make the APR known in the agreement before lending money to its clients. Information related to that can be easily introduced to every person interested in that kind of services in several ways. First of all, lenders can do it by putting short information about that issue on their official website. Another way is to provide all the details related to the APR after signing the final agreements for both of the sides. Both ways are legal and both of them look quite good in practice It depends just on lenders and the kind of your final agreement, which of them is going to be introduced to you.
How to calculate the annual percentage rate by yourself and why to do it? Thanks to that you can save really a lot of money, so it is good to know at least some basics, which can be helpful do decide if your loan brings you something positive or only causes a waste of money. It is not difficult to calculate the APR of your loan. What you have to do is to take the loan fee and multiply it by the number of periods in the year. It depends how often you pay your fee. If it is once a month, you have to multiply it by 12. If your loan fee is for example 15$, you have to be aware that your yearly APR will be 180$.
Is it really so much money?
It may look like that, but let’s look at it from another perspective. You have to pay in general 180$. This is the amount of money, which you have to pay additionally in a year. It may look a lot, but be aware of your rates. You have to give the money back to the lender every month. The best idea and the most common one is to give back 15$ every month. It is the most popular way of paying the loan back together with the Annual Percentage rate.
That kind of loans, called low interest payday loan, is a very common solution for everyone who wants to receive their money immediately. It does not really matter what agenda is going to offer you their money. It may be a bank or any kind of private institution. You just have to remember that most of them will offer you their loans on the same basics, considering the most comfortable APR. There are two main types of loans, cash advances, which can be used usually in emergency situations, and long-term credits. Both of them expect you to pay an additional certain percent of money. Which of them is more affordable? In most situations the second one, but we always recommend you to check it out by yourself. In the first situation, when you are in a special and unexpected need for money, for example due to car repairs, check fees or even staying in a hospital, you may take the money immediately, what also can affect your budget a lot. Fast loans are associated with a high annual percentage rate, but everything depends on your money provider and the details of the offer you are the most interested in.
Last updated on
By 
Chris Miller
He worked as an attorney practicing insurance defense and commercial litigation. He covers lenders, bank accounts, mortgage rates, refinance rates, and borrowing and savings tips. You can reach Chris Miller at chris.miller@siloans.com.
