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Credit Repair Glossary

  • APR (Annual Percentage Rate)

    The cost of credit at a yearly rate. Knowing the APR allows you to effectively compare loans, even when they are structured differently.  A typical APR for a long-term, secured loan (like a mortgage) is in the 5-15% range.  The APR for unsecured consumer debt can range from 7% to 35% for credit card debt, and from 200% to 600% (or more) for short term, high risk credit (like a payday loan, refund anticipation loan, or car title loan).  Having a good credit score can help make sure you get rates on the low end of those APR ranges.

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