Understanding Interest Rates
Interest is the cost of borrowing. APR (Annual Percentage Rate) helps you compare offers because it reflects the interest rate and certain fees over a year. Always review the final offer document before accepting.
What is APR?
APR is an annualized rate that can include interest and applicable fees. It is used to show the overall cost of credit in a standardized way.
A lower APR generally means a cheaper loan, but you should also compare total repayment amount and repayment duration.
What affects your rate?
- Income stability and affordability indicators
- Requested amount and repayment duration
- Product type and risk profile
- Verification outcome and fraud prevention checks
How to compare offers
Compare APR, total fees, repayment duration, and the monthly payment. Avoid choosing a loan based on marketing claims alone.
If you are unsure, contact support before applying.