Loan and Mortgage APR

APR is a common term that is thrown around when companies talk about lending money. Many people understand the general meaning of this term but not the specifics related to it. The more you understand about APR and your loans, the more control and understanding you will have of your finances. Falling behind on payments and facing significant debt because of misunderstood loan terms can have serious effects on your overall financial well-being.

If you or a loved one is in significant financial trouble and needs assistance, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 today. Bankruptcy may be the best way for you to regain control of your finances.

Loan and Mortgage APR Basics

APR stands for annual percentage rate and refers to the interest amount attached to loaned money. Some important things to keep in mind about APR include the following:

• APR is different for everyone and depends on a person’s credit history
• APR rates may vary from one lending company to another
• APR terms must be disclosed by the lender

Keep in mind that mortgage and loan APR can be quite different from credit card APR. APR terms can be incredibly confusing, especially when you have loans from multiple institutions.

Contact Us

If you have unmanageable levels of debt or are unable to make your loan payments, there is help available to you. Contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 to discuss your financial options. Depending on your eligibility, filing for Chapter 7 or 13 bankruptcy could help you get a fresh financial start.