Information on payday loan, home loan, personal loan, debt consolidation loans, bad credit loans and more. Use our loan calculator to work out repayment rates and the best loan for you.

GLOSSARY OF TERMS

 

Acceptance Rate

- The percentage of applicants who are successful in a loan, mortgage or credit card application.

 

APR

- Anual percentage rate.

 

Arrears

-If an agreed payment date is missed by the repayer the account falls into arrears which can lead to penalties being incurred as specified in the borrowers terms and conditions.

 

Arrangement Fee

-The amount charged for setting up a loan or mortgage.

 

CCA

-Consumer Credit Association. Learn more

 

CCJ

-County court judgement, issued by a County Court to a person who fails to pay an outstanding debt. CCJs will have a negitive impact on an individuals credit rating.

 

Credit Rating/Score/file

-Information on an individuals borrowing history held by credit reference agencies.

 

Debt consolidation

-Combining all existing loan and credit cards into a single loan or credit card

 

Default

-Failure to meet the terms of a financial obligation.

 

Data Protection Act

-A law to protect an individual’s personal information. Learn more

 

Equity

-The value of a property once any debts secured against it have been repaid.

 

Fixed rate

-A rate of interest fixed at a certain level for a certain time.

 

Loan term

-The amount of time in which the loan will be repaid.

 

Monthly repayments

-The amount to be repaid each month.

 

Payday loan

-A short term loan, normally will need to be repaid in full within 31 days.

 

Payment protection insurance

-Insurance on a borrowed amount to protect repayments in the event of redundancy, accedent or illness.

 

Repayment schedule

-An agreement outlining how much and how long a borrower will repay a loan.

 

Unsecured loan

A loan that is not secured against property.

 

Variable rate

An interest rate that can can change during over the loan or mortgage repayment term.