What is APR?
Annual Percentage Rate (“APR”) is the total annual cost of the loan to the borrower, including certain fees, expressed as a percentage. The APR is a standardized rate, allowing you to easily compare costs across multiple loan options.
It is important to note that the APR is typically not the same as the interest rate on the loan. Since additional costs such as the administration fee are factored into the calculation of the APR, the APR will typically be higher than the interest rate. Avant states the APR for every personal loan offer in the loan agreement so customers can review all loan details before accepting any terms.