The annual percentage rate - APR - is the annual rate that is charged for borrowing at PeerCredit. The APR represents all the annual costs of a loan for its duration. It is displayed as a percentage to make the loans easy to compare.
At PeerCredit, your APR includes:
- The interest rate paid directly to lenders
- Contribution to the Provision fund
- Loan provision fee that covers our legal and technical support
The APR does not include late payment fees because these are not necessary costs related to the loan.
The APR for each loan is individual and based on the loan terms and borrower’s overall credit score and creditworthiness.