Why APRs Are A Misleading Metric For Small-Dollar Loans

Annual percentage rates (APRs) can be an important and useful metric; at the same time, they aren’t perfect in all instances. As Investopedia notes in its explanation, “The APR provides consumers with a bottom-line number they can easily compare with rates from other lenders.” So, for example, if you are looking to take out a 30-year mortgage, comparing APRs across a variety of lenders provides an easy way to choose the lender offering the best rate or terms. Read the complete article HERE.