What is APR?
The annual percentage rate: the rate at which the money you actually receive amortises to the payments you actually make, including fees.
Because fees are deducted from the advance but the instalment is calculated on the full loan, the APR is always at or above the quoted nominal rate.
Not to be confused with Nominal interest rate
The nominal rate ignores fees. Two loans at the same nominal rate can have materially different APRs, and the APR is the comparable number.