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I qualified for a loan at Prosper for an interest rate of 11.39% and and APR of 14.21%. What's the difference between the two? I know my local bank says I can get a loan for around 8.5%. When banks quote you loan figures are they using the interest rate or the APR?
I am curious to that question to ? The figures I received were always pretty much the same and it looked just rounded up to me. But in your case that is completely different..hmm
Since BOFA > me:
That was with regards to mortgages explicitly, but the Prosper loan will have similar origination fees.
In general the APR will be equal or greater than the nominal interest rate which you pay on your loan.
Ok thank you, makes sense now. I found out there is a "loan origination" fee from prosper, unlike my local bank. Because I have to pay that "brokers" fee, I believe the interest of the loan would be the higher one. If you don't count that fee, it would be the lower one.