What is the APR on a personal loan?

The primary difference between APR and interest rate is that APR considers all the costs of your loan, while your interest rate does not. When lenders display an interest rate, it only reflects the percentage they collect monthly on the amount you borrow.So, although your interest rate is just 13% , the true cost of your loan (when factoring in the cost of the origination fee) is 16.33% APR .Using the steps outlined above, here’s how to calculate your APR:Let’s say you borrowed a $15,000 personal loan with ...