APR (Annual Percentage Rate)
APR is the yearly cost of borrowing, including interest and most mandatory fees, expressed as a percentage.
Explanation
APR helps you compare loans on a like-for-like basis. A lower APR usually means a cheaper loan over time, assuming the same term and repayment schedule.
Example
Loan A has 8.9% APR and Loan B has 11.2% APR; Loan A is generally cheaper if other terms are equal.