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  Understanding Annual Percentage Rate

Anytime people apply for a credit card or for a short term loan they may hear of the acronym APR.  This acronym stands for Annual Perecentage Rate and it is the cost of the loan over a one year period.  If you want to know how much you will pay on a loan or credit card per day, simply divide your total APR by 365 to get the daily amount.

The APR Under the Federal Truth and Lending Act, all consumers must be made aware of their Annual Percentage Rate and this information is to be disclosed by their lenders.

Another thing to know about Annual Percentage Rates is that they vary from person to person. For example, a person with good credit may receive a lower APR than a person who has poor or mediocre credit.

Are you thinking about obtaining a cash advance in the near future?  If so, ConnectedCommunities has an easy application process that you can complete online and if you are approved you will receive your cash advance within 24 hours.  Apply now!

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