APR (Annual Percentage Rate) is the annual rate charged for borrowing money, expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. As to why our APR is high – APR was designed to allow consumers the ability to evaluate a loan product over the course of a full year or 365 days, but our installment loans are designed to be paid back over a period of five to ten months. LoanAtLast’s APR varies based upon varying factors of each loan. Different factors could include the loan amount and frequency of pay dates. The actual terms, rates, annual percentage rates (APRs), or fees associated with the loan you may receive will be fully disclosed in detail in your proposed loan agreement.
Remember, this is an expensive form of borrowing and is not intended to be a long-term financial solution.