The interest rate, or finance charge, is the daily amount you’ll be charged for borrowing the loan from SoFi, with no extra fees or costs.
The APR represents a percentage that reflects the total cost of the loan, including any additional fees, and may vary depending on when the loan is funded and the repayment schedule.
Since SoFi doesn't charge any fees, the APR generally matches the interest rate. However, in some cases, the APR may differ based on the timing of the funds disbursement and the due date of your first payment.