Interest rates vs APR: What’s the difference?
Interest rates and APR are very similar. The only difference is that interest rates are a standalone percentage that gets added to your loan amount based on factors such as your credit score.
APR is the cost of your interest rates plus the fees you’ll have to pay for your loan. This gives you a better idea of the true cost of your loan. If your loan has no fees, your interest rates and APR should match.