The Annual Equivalent Rate (APR) expresses the interest you will pay for your loan over a year. This amount is expressed as a percentage and its purpose is to facilitate the comparison of several loans in order to assess the benefits and drawbacks of each loan.
At Online Credit we provide short term loans so the APR is not very useful for comparing these types of loans. This indicator is recommended for analyzing traditional loans and credits. However, at Online Credit we want to provide you with all the information available to make your decision easier.
An example to understand more easily what is the TAE: a friend lends you a sum of 400 euros and you give them back the next day and at the same time invite you to tapas, for which you pay 10 euros. According to these figures, your friend gave you a loan at a 4722% APR.
Therefore, the APR for short-term loans does not make much sense. We do not lend large amounts for many months, but we can help you overcome any short-term financial difficulties you may have. And although the APR is not a data that really serves as a reference in our loans, we publish it, because we want to be as honest as possible.
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