What Is a Penalty APR and How You Might Avoid It?

APR means annual percentage rate, the amount your credit card or lender is charging you in interest on a yearly basis. These vary widely and are mostly based on your credit scores. Most credit cards are issued with penalty APRs. The best action is to pay the minimum amount and get the card paid off if you are hit with one. One way to avoid a late payment may be to get an online payday loan, which can be requested from a smartphone with connectivity.

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