Annualised Percentage Rate legal definition of Annualised Percentage Rate
Annual Percentage Rate (redirected from Annualised Percentage Rate)
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Annual Percentage Rate
The actual cost of borrowing money, expressed in the form of a yearly measure to allow consumers to compare the cost of borrowing money among several lenders.
The Federal Truth-in-Lending Act (15 U.S.C.A. § 1601 et seq. ) mandates the complete disclosure of this rate in addition to other credit terms.
Truth in Lending Act.
References in periodicals archive
Research has shown that among banks and payday lenders, the annualised percentage rate
charged for borrowing pounds 100 over 28 days varies from 969% to 819,100%.
Lenders make a big play of the APR (annualised percentage rate
) but these can be manipulated so that they do not reflect the cost.
Datamonitor said most credit card holders were using uncompetitive products and half the 32 million credit cards in use charged interest at an annualised percentage rate
of more than 22 per cent.