APR (annual percentage rate)
The all-in yearly cost of borrowing, including interest and fees, expressed as a percentage — the best single number for comparing loan offers.
APR combines the interest rate and most lender fees, such as setup or administration charges, into one figure. Because it accounts for these extra costs, it reflects the true price of credit more accurately than the advertised interest rate alone.
When you shop for a personal loan, comparing the APR of each offer puts different products on an equal footing, even when their fees vary. In Canada, lenders are required to disclose the APR so you can make an informed choice.