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!