A low APR loan implies that there is either a low cost to obtain the loan, or that there is a low interest rate. Get lower interest rates by achieving good credit with help from a financial planner in this free video on personal loans and money management.
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Hi. My name is Bill Rae. I'm with HBW of Florida. I've been in the finance field for well over 20 years. Your question is, what is a low APR loan? Well first of all, I think we should look at APR. What exactly does APR stand for? APR means Annual Percentage Interest Rate. What this is is a figure that the government mandates that all financial institutes put on all their contracts, telling you what the total cost of the interest rate and the associated cost to get that money. So a low APR, simply to me implies, that inside that contract you either have one low cost to obtain the loan, or you have a fairly low interest rate. Low interest rates are available today, unfortunately you must have perfect credit in order to get it. So like anything else when you're signing a financial document, know what you're signing. Don't take anyones word for it, read it. And if need be, get outside or third party counseling. That's my advice. My name is Bill Rae, I'm with HBW here in Florida. And I'm helping you, build wealth.