What is a 30% Apr on a personal loan?

A 30% APR means the annual percentage rate on the account is 30%, and your annual interest charges will amount to roughly 30% of your balance. For example, you would be charged around $300 in interest on a $1,000 balance carried for a year with a 30% APR. A 30% APR is reasonable for personal loans only if you have bad credit.

What does Apr mean on a loan?

APR, or annual percentage rate, is the interest rate you pay on a loan — such as a credit card or auto loan — on a yearly basis. In simple terms, it’s the cost of borrowing the money. Generally speaking, the lower the APR, the better. How does APR work? Your APR is shown as a percentage and includes fees and costs related to the loan.

What does a high APR mean?

All loan products must show the APR rate available to at least 51% of customers so you are able to compare them fairly. You may pay more, or sometimes, less. A high APR means that you will be paying a higher interest rate on any money you borrow and do not repay on your credit card. What does APR mean?

What is a 12% Apr on a credit card?

The monthly rate on a 12% APR is 1%. If you owe £1000, you will be charged £10 interest each month. The longer the period over which you spread your repayments, the lower the monthly cost... but the higher the overall interest paid. Find a credit card with a low rate of interest to handle your regular payments What is Annual Percentage Rate or APR?