{"id":23950,"date":"2026-04-10T20:54:04","date_gmt":"2026-04-10T20:54:04","guid":{"rendered":"https:\/\/breatheasyloans.com\/?p=23950"},"modified":"2026-04-10T20:54:40","modified_gmt":"2026-04-10T20:54:40","slug":"what-is-apr-on-a-loan-plus-how-to-compare-rates","status":"publish","type":"post","link":"https:\/\/breatheasyloans.com\/?p=23950","title":{"rendered":"What Is APR On A Loan? Plus, How To Compare Rates"},"content":{"rendered":"<div>\n<div id=\"block_9a5a19f7993d8928321eb9d4e4de8dac\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            APR reflects the total annual cost of a personal loan, including both fees and interest.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Many lenders state their APR online to make it easier to compare before you apply.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Your APR will be based on your credit score, income and other financial factors.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>The annual percentage rate, or APR, on a personal loan reflects the total cost of borrowing money. It combines the personal loan rate you\u2019re offered with any additional fees the lender charges, such as origination fees.<\/p>\n<p>A loan\u2019s APR is one of the most important factors when comparing personal loan offers from multiple lenders. If there\u2019s a significant difference between the rate and APR you\u2019re quoted, that\u2019s a sign the lender\u2019s fees may be expensive. APR varies widely depending on the lender you choose, the amount you borrow, your credit score and your repayment term.<\/p>\n<h2 id=\"work\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How does APR work on a personal loan?\" data-outcome=\"\">How does APR work on a personal loan?<\/h2>\n<p>To calculate your APR, the lender starts with the interest rate it\u2019s willing to offer you and adds any relevant finance charges. These typically include origination fees and administrative fees, which are often a percentage of your loan amount.<\/p>\n<p>Many lenders list their APRs online. Make sure you read the fine print to understand the fees you\u2019ll be assessed.<\/p>\n<p>If you want to crunch the numbers yourself, you can take the following steps:<\/p>\n<ol class=\"wp-block-list\">\n<li>Express your interest rate as a decimal (divide it by 100)<\/li>\n<li>Multiply your rate by the principal amount you\u2019re borrowing<\/li>\n<li>Multiply this number by the term (in years)<\/li>\n<li>Add the loan fees<\/li>\n<li>Divide this number by the loan amount<\/li>\n<li>Divide this number by the number of days in your loan term<\/li>\n<li>Multiply by 365<\/li>\n<li>Multiply by 100 to get your APR<\/li>\n<\/ol>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Interest rate to APR example\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>Let\u2019s say you borrowed a $15,000 personal loan with a 13% interest rate, a three-year term and a 9.99% origination fee. The origination fee is calculated as a percentage of your loan amount, and in this case, the lender will withhold $1,498.50 in fees from your loan funds to cover the fee.<\/p>\n<p>Using the steps outlined above, here\u2019s how to calculate your APR:<\/p>\n<ol>\n<li>Interest rate as a decimal: 0.13<\/li>\n<li>0.13 x $15,000 = $1,950<\/li>\n<li>$1,950 x 3 = $5,850<\/li>\n<li>$5,850 + $1,498.50 = $7,348.50<\/li>\n<li>$7,348.50 \/ $15,000 = 0.4899<\/li>\n<li>0.4899 \/ 1,095 (days) = 0.000447397<\/li>\n<li>0.000447397 x 365 = 0.1633<\/li>\n<li>0.1633 x 100 = 16.33<\/li>\n<\/ol>\n<p>So, although your interest rate is just 13% , the true cost of your loan (when factoring in the cost of the origination fee) is <strong>16.33% APR<\/strong>.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"difference\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What\u2019s the difference between APR and interest rate on a personal loan?\" data-outcome=\"\">What\u2019s the difference between APR and interest rate on a personal loan?<\/h2>\n<p>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.<\/p>\n<p>APR, on the other hand, is a combination of the interest rate plus additional costs. It\u2019s designed to show consumers and regulators the total cost of the loan, including any applicable fees.<\/p>\n<p>Comparing APRs is the best way to gauge whether you\u2019re really getting the best deal on a personal loan. If the rate you\u2019re offered is significantly lower than the APR, you\u2019ll pay more in upfront fees. Personal loan origination fees can be over 10% of your loan amount and are deducted from your loan funds.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table is-style-stripes wrapped\">\n<thead>\n<tr>\n<th class=\"has-text-align-left\" data-align=\"left\">What you should know about APRs<\/th>\n<th class=\"has-text-align-left\" data-align=\"left\">What you should know about interest rates<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"has-text-align-left\" data-align=\"left\">It reflects the total cost of your loan, including rates and fees<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">It only reflects the interest you\u2019ll pay<\/td>\n<\/tr>\n<tr>\n<td class=\"has-text-align-left\" data-align=\"left\">APR is not used to calculate your monthly payment<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">Your interest rate may be simple or amortized, and determines your monthly payment<\/td>\n<\/tr>\n<tr>\n<td class=\"has-text-align-left\" data-align=\"left\">Costs related to APRs are usually deducted upfront from your loan funds<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">Interest related to your loan is collected on a set payment schedule until your loan balance is paid in full<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>If a lender doesn\u2019t charge any additional fees, the APR will be the same as the interest rate. No-fee loans are less common \u2014 you\u2019re more likely to qualify for them with an excellent credit score.<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Bankrate tip\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>Some lenders may use APR and interest rate interchangeably. This may be a red flag that you\u2019re dealing with a predatory lender. Federal lending laws require lenders to clearly state APR and interest rates in disclosures. Watch for last-minute changes to your APR before signing \u2014 it could be a sign that last-minute fees are being added to your loan.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"good\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is a good APR on a personal loan?\" data-outcome=\"\">What is a good APR on a personal loan?<\/h2>\n<p>A good personal loan APR is typically below the national average. But to qualify for it, you\u2019ll likely need a credit score above 670 and a stable source of income \u2014 or a creditworthy cosigner that meets these requirements.<\/p>\n<p>Securing a low APR can save you thousands of dollars over the life of a loan. For example, if you borrow $10,000 for five years, you\u2019ll pay over $3,000 less with an APR of 8% versus an APR of 18%.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table is-style-stripes wrapped\">\n<thead>\n<tr>\n<th class=\"has-text-align-left\" data-align=\"left\">APR<\/th>\n<th class=\"has-text-align-left\" data-align=\"left\">Monthly payment<\/th>\n<th class=\"has-text-align-left\" data-align=\"left\">Total interest costs<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"has-text-align-left\" data-align=\"left\">8%<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$203<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$2,166<\/td>\n<\/tr>\n<tr>\n<td class=\"has-text-align-left\" data-align=\"left\">13%<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$228<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$3,652<\/td>\n<\/tr>\n<tr>\n<td class=\"has-text-align-left\" data-align=\"left\">18%<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$254<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$5,236<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Bankrate tip\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>Use a personal loan calculator to understand your monthly and overall borrowing costs.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h3>What is the average APR on a personal loan?<\/h3>\n<p>According to Bankrate data, the average APR for a personal loan is 12.04% as of April 8, 2026 APRs for personal loans can range from around 7% to 36%.<\/p>\n<p>As the Federal Reserve makes decisions about the fed rate, keep an eye on changes to advertised rates online \u2014 rates may drop if the Fed cuts its target rate. As always, you\u2019ll need excellent credit to qualify for the lowest rates. Check the APRs to make sure those low rates don\u2019t come with high fees.<\/p>\n<h3><span>Personal loan rates with bad credit<\/span><\/h3>\n<p><span>\u201cBad credit\u201d generally means <\/span><span>a credit score below 580<\/span><span>, though some lenders consider anything under 600 to be subprime. Borrowers with bad credit face higher APRs to offset the lender\u2019s risk \u2014 sometimes as high as 36%. You may also receive a lower borrowing amount and shorter repayment term if you have bad credit.<\/span><\/p>\n<p>Borrowing a personal loan with bad credit can be very expensive. Continuing the example above, let\u2019s look at the same $10,000, five-year loan through the lens of credit. A good-credit borrower may receive a rate close to the national average (13%), while a borrower with poor credit is likely to receive a rate closer to 30%.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table is-style-stripes wrapped\">\n<thead>\n<tr>\n<th class=\"has-text-align-left\" data-align=\"left\">APR<\/th>\n<th class=\"has-text-align-left\" data-align=\"left\">Monthly payment<\/th>\n<th class=\"has-text-align-left\" data-align=\"left\">Total interest costs<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"has-text-align-left\" data-align=\"left\">13%<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$228<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$3,652<\/td>\n<\/tr>\n<tr>\n<td class=\"has-text-align-left\" data-align=\"left\">30%<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$324<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$9,412<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><span>A higher APR dramatically increases both your monthly payments and total interest costs. If your credit needs work, compare multiple bad credit loan offers or consider <\/span><span>improving your credit<\/span><span> before borrowing.<\/span><\/p>\n<h2 id=\"factors\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What factors impact a loan\u2019s APR?\" data-outcome=\"\"><span>What factors impact a loan\u2019s APR?<\/span><\/h2>\n<p><span>Understanding what influences your APR can help you secure better loan terms:<\/span><\/p>\n<ul class=\"wp-block-list\">\n<li><span><strong>Credit score:<\/strong> This three-digit number represents your history of managing credit. A higher score demonstrates a history of responsible credit usage and is the key to unlocking lower APRs.<\/span><\/li>\n<li>\n<span><strong>Income and DTI ratios:<\/strong> Stable income and a low <\/span><span>debt-to-income ratio<\/span><span> reassure lenders that you\u2019ll be able to repay the loan amount, often resulting in better rates.<\/span>\n<\/li>\n<li><span><strong>Loan term:<\/strong> Shorter repayment terms often come with lower APRs, though monthly payments are higher since repayment is spread across fewer months. Generally, it\u2019s wise to select the shortest repayment term you can reasonably afford.<\/span><\/li>\n<li>\n<span><strong>Collateral: <\/strong><\/span><span>Secured personal loans<\/span><span> are backed by assets, like savings or investments. Since the lender can seize your pledged collateral if you default on the loan, the lender\u2019s risk is reduced \u2014 as a result, secured loans often have lower rates.<\/span>\n<\/li>\n<li><span><strong>Lender policies:<\/strong> Each lender sets its own rates and eligibility requirements, determined in part by its appetite for risk.<\/span><\/li>\n<\/ul>\n<h2 id=\"compare\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How to compare personal loan rates\" data-outcome=\"\">How to compare personal loan rates<\/h2>\n<p>When you\u2019re comparing personal loans, be sure you\u2019re getting an apples-to-apples look at the loans. It wouldn\u2019t be accurate, for example, to compare one loan\u2019s APR with another loan\u2019s interest rate.<\/p>\n<p>The APR can help you get a sense of what your loan will cost, but it\u2019s just one of many factors to consider when you\u2019re shopping for a personal loan.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Loan term:<\/strong> Your APR will be based (in part) on the length of your repayment term. Lower rates are generally offered for shorter terms.<\/li>\n<li>\n<strong>Fees:<\/strong> Lender fees vary, but many charge origination fees between 1% and 12%. Late fees and prepayment penalties aren\u2019t factored into the APR but can impact your total out-of-pocket costs.<\/li>\n<li>\n<strong>Eligibility:<\/strong> Lenders may set eligibility criteria for qualifying, including restrictions on whether you can add a cosigner or co-borrower. Some lenders only do business in certain states. Others only offer personal loans for specific purposes, like consolidating debt.<\/li>\n<li>\n<strong>Additional features:<\/strong> Consider other features that might make your borrowing experience smoother. These can include easy online applications, prequalification tools, a range of customer service hours, discounts and unemployment protection.<\/li>\n<\/ul>\n<h2 data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Bottom line\" data-outcome=\"\">Bottom line<\/h2>\n<p>When choosing any type of personal loan, make sure you\u2019ve reviewed both the APR and the interest rate. Knowing the APR may keep you from paying exorbitant fees on a personal loan, so you get as much of the money you borrow as possible.<\/p>\n<p>Having good credit, a low DTI ratio and a stable source of income can help you secure a low APR. If you have less-than-perfect credit, consider applying with a co-borrower or cosigner.<\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"Ga6bMrnlTM\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. 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0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/loans\/personal-loans\/what-is-the-apr-on-a-personal-loan\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways APR reflects the total annual cost of a personal loan, including both fees and interest. Many lenders state their APR online to make it easier to compare before you apply. Your APR will be based on your credit score, income and other financial factors. The annual percentage rate, or APR, on a personal<\/p>\n","protected":false},"author":1,"featured_media":23951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-23950","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is APR On A Loan? Plus, How To Compare Rates | Breathe Easy Loans<\/title>\n<meta name=\"description\" content=\"Key takeaways APR reflects the total annual cost of a personal loan, including both fees and interest. 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