A monthly payment tells you what you may need to set aside. APR and total repayment help you understand the bigger picture.
What is APR?
Annual percentage rate is a yearly measure of borrowing cost. It helps you compare loans, but does not tell the whole story. Look at the amount, term, charges and repayment schedule too.
A simple illustration
Imagine borrowing $5,000 over 24 months at 29.99%, with equal monthly payments and no additional fees. Using simple interest on the original principal: $5,000 × 29.99% × 2 years = $2,999.00 interest. Total repayment is $7,999.00, or approximately $333.29 per month, with a rounding adjustment to the final payment. The annual interest rate in this example is not a calculated APR.
Exact dates, calculation conventions and fees can change the result. Use the calculator to explore examples.
Why the term matters
Spreading payments over a longer period can reduce each payment. It usually also increases total interest because you borrow for longer. Compare both numbers.
GetFlexi’s rate range
GetFlexi offers 24.99%–34.50% annual interest depending on credit score. A calculator setting is not an offer. The final agreement confirms your actual rate and obligations.
Four numbers to compare
- The amount you actually receive.
- The APR and applicable charges.
- The amount, dates and number of payments.
- The total amount you repay.
Read the Financial Consumer Agency of Canada’s personal loan guidance.