Understanding APR

Understanding APR

When you are considering taking out a loan, the first thing you may look at is the loan’s Annual Percentage Rate or APR.  When comparing loans of similar size and duration, APR can be a useful tool to determine which loan is right for you. However, APR is not a helpful tool when comparing different types of loans, ie. secured loans vs. unsecured loans, personal loans, home equity loans, etc. AFSA, the American Financial Services Foundation, has created an educational packet that clearly explains what APR is and how it should be used. To access this packet, click here.

If you have additional questions, contact your local Mariner Finance branch today to speak with one of our knowledgeable representatives. They will be more than willing to answer any questions you may have!

The information provided in this article does not constitute financial advice and is provided for educational purposes only without any express or implied warranty of any kind. This article is not intended as legal, tax, investment, or any other advice, and Mariner Finance does not offer credit repair services. Consider talking with an appropriate qualified professional for specific advice.   

Blog posts are for informational purposes only.

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2022-11-28T13:26:14+00:00
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