What is the APR on a personal loan?
An APR is a snapshot of how much your personal loan will cost each year.
Your debt doesn't have to be tied to guilt — there are ways to ease it and empower yourself by being strategic about what and when you borrow.
— Rhys Subitch
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about loans products for every part of life. Rhys has edited articles, reviews and guides covering a broad range of topics in the consumer loans space, from debt consolidation to buying a car. Their experience spans student loans, auto loans and personal loans, and they have developed a passion for helping readers take control of their finances.
While Rhys has worked with credit cards and insurance in the past, they settled into loans content, where they have developed their expertise. In the past nine years, Rhys has researched, edited and written for several independent publications, startups, a university and a Fortune 500 company. Seven of those nine years have been devoted to personal and business finance content.
When Rhys isn't working, they enjoy spending time editing their husband's art, reading and watching hockey. They currently reside in Tacoma, Washington.
Rhys wants you to know:
My first auto loan was from a used car dealership. I didn't fully understand the lending process when I walked in, and because of that I got stuck with a term that was way longer than I wanted to be paying off my starter car. My second time around I did my research, got an excellent rate and a medium term, and I’ve paid off my car well before I want to trade it in.
Your debt doesn't have to be tied to guilt — there are ways to ease it and empower yourself by being strategic about what and when you borrow.
— Rhys Subitch
An APR is a snapshot of how much your personal loan will cost each year.
You’ll need excellent credit and good finances to qualify.
While your credit score will keep you from getting a great APR, you can still find interest rates that are much lower than those you’d likely find on payday loans.
Compare auto loan rates. See rates for new and used car loans and find auto loan refinance rates from lenders.
Bankrate's expert team helps you compare fair credit loans from an array of lenders. Apply for a loan today!
Even if you have bad credit or no credit, it's still possible to get a student loan. Bankrate examined lender fees, APR ranges and eligibility requirements to see which lenders kept costs as low as possible for bad-credit borrowers.
Bad credit loans are available through online lenders, select community banks and credit unions.
If saving up isn’t possible, shop around for the emergency loan with the best rate.
Don’t confuse these soundalikes. They’re quite different.