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Annual Percentage Rate (APR) The APR is the rate of the total charge for credit expressed as the law requires, enabling you to compare the rates of loan lenders.
Arrears Unpaid or overdue debts. Mortgage arrears are unpaid or overdue mortgage payments.
Broker A company acting as an agent between customers and loan lenders.
CCJ's County Court Judgements
Credit Referencing A record of your credit history that is used to help loan lenders judge your credit worth. It shows whether you pay your bills on time, your credit balances and whether or not you have debts.
Debt Consolidation Using a personal loan to pay off all your existing debts, combining them into one reduced monthly repayment.
Defaults Failure to meet a financial obligation. To default on a loan would be to fail to make the monthly repayments on time.
homeowner Loan A homeowner loan is another term used for a secured personal loan, which is where your home or property is used as collateral against the personal loan taken out.
Loan Advisor Loan advisors work with a range of loan lenders. They will search and compare different loans to find the best personal loan for your individual requirements.
Loan Lender A loan lender is the company who actually lends you the money. Loan lenders tend to be banks, building societies or financial institutes.
Mortgage A secured loan used specifically to buy a property.
Personal Loan A loan for personal use only, a loan that cannot be used for business.
Remortgage The process of taking out a new mortgage, or changing mortgage lenders.
Repayments The money you have to pay back to the loan lender each month. Failure to keep up repayments can result in your property being at risk, or being taken to court.
Secured Loan A loan which requires your property to be used as collateral.
Unsecured Loan A loan which does not require any collateral to take out the loan.
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