Interest Rate:  It is the annual rate which is used to calculate your monthly payments and is the cost to you for your loan.

APR - the annual percentage rate is an implied annualized rate and includes all the other costs of taking a loan. The most common cost APR includes is an origination fee (a one-time fee charged by the online lender which is deducted from the loan proceeds).

Notes:
The monthly payments are still calculated using only your interest rate, not APR.

Interest is accrued daily on your outstanding principal balance even though you are making monthly payments.

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