APR: How to calculate APR
The Annual Percentage Rate (APR) is the total yearly cost of borrowing money expressed as a percentage of the loan amount. In simpler terms: it’s the price of borrowing money on a yearly basis. APR includes the interest and other additional costs or fees associated with your loan.
To see different options, you can change the term of the loan and compare APRs. APRs are based on many factors, including your creditworthiness (for example, your credit score and credit history) and the length of your loan.
Always keep in mind that you want to ensure that the monthly payment amount is realistic with what you can afford. If you’re shopping around and comparing loan options with our Personal Loan Calculator, APR is one of the most important things to look at.
And as we all know, fees can add up, so you’ll want to consider any personal loan fees before signing.
AutoPay: what is it?
AutoPay is a feature that automatically withdraws your monthly loan payment.
Enrolling in AutoPay has a number of benefits: You can enjoy the convenience and peace of mind knowing that your payments are taken care of, and it minimizes your risk by helping ensure that your payments are on-time and paid in full.
Marcus Personal Loan Features
Good news: at Marcus your APR is the total cost of what you’ll pay to borrow money, meaning there won’t be any additional fees on top.
At Marcus, personal loan APR’s range from 6.99% to 24.99%. Marcus APRs are also fixed for the term of your loan, meaning your APR will remain the same for each monthly payment.
Bonus points: you could decrease your APR by 0.25% if you enroll in AutoPay with Marcus. Something else to keep in mind when you see your calculated APR.
Sound too good to be true? Yeah, we get that a lot. Thankfully, we mean it – no origination fees, no late payment fees, no check processing fees, no payment processing fees and no insufficient funds fee – no fees, ever.
It doesn’t matter your loan amount, credit bracket, term, or monthly payment. All of our loans have no fees.
AutoPay: APR Discount with Automatic Loan Payments
You might notice this in our Personal Loan Calculator, but an additional perk with Marcus is that we’ll reduce your APR by 0.25% when you enroll in AutoPay.
That number may sound small, but over the full term of your loan, that 0.25% back in your pocket can really add up.