What is Representative APR %?

Typical APR % (Annual Percentage Rate) is used by lenders so you can easily compare rates when you check your eligibility for a loan. Lenders use the term to describe the amount of interest you’ll pay annually on money you want to borrow. Typical APR %must reflect at least 66% of secured loan business expected to result from advertising the rate. For more advice and guides, including what APRC is, take a look at our other Mortgage FAQs.