Quote 2 Fund is dedicated to helping business owners achieve their full potential. That’s why we’ve partnered with Nav. They created a series of APR calculators to communicate and compare the costs across different financing products. Each financing product is unique, and the interest rate for one product might be vastly different from another, but with a similar APR. If you are considering a couple different financing options, it’s best to plug the terms into an APR calculator for the associated product to understand the true cost to fund.
How APR works
An Annual Percentage Rate (APR) represents the real cost of a loan. The APR of a financing program can differ to a large extent from the interest rate due in part to fees that come with a loan, including origination fees and other administrative fees. That’s why it’s super important to calculate your APR starting with the interest rate and including other fees to determine the total cost of borrowing.
It’s really shocking to discover how much the APR can change from the interest rate. Don’t fall prey — calculate the APR today.