AIR – Fixed rate per year. This interest, prorated weekly, will be compounded and added to outstanding principal each week.
APR – This is the interest rate for a whole year (annualized) including applicable fees such as service charge, loan origination fees or administrative fees when applicable.
They might sound similar, and in some cases they might be the same number, but they are different. On a short-term loan, the interest rate might be much smaller than APR. Why? Because the loan will be paid off in a few weeks, not over a year.
Moves will always be up front about the fees, rates, and terms for our loans. Always read the fine print of your loan agreement, and if you are unsure about the terms and conditions, please ask!