Financial terms can be misleading or complicated - We have listed the A to Z of definitions
Acceptance rate - This is the percentage of customers who are successful in their application for loan or credit card. At least 66% of successful applications have to be offered the advertised rate, known as the typical APR (see Typical APR).
Annual percentage rate (APR) - The APR indicates the real rate of interest payable over a year once fees, charges and admin costs are factored in. This enables consumers to compare deals more easily and lenders are legally required to display the APR under the Consumer Credit Act.
Arrangement fee - Usually associated with mortgages, this fee covers the administration costs of setting up a loan.
Debt consolidation - This is when you transfer existing debts onto a single loan or credit card.
Homeowner loan - Also known as a secured loan, a homeowner loan is available only to individuals who own their own home. The value of the debt will be secured against the property.
Repayment schedule - An agreement detailing how, and over what time period, a borrower will repay a loan.
Regulated - Financial products that are covered by the Financial Services Authority. Providers must adhere to a code of conduct and consumers are protected by the Financial Services Compensation Scheme and can seek recourse for any problems relating to their product through the Financial Ombudsman Service.
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Representative 97% APR (fixed)
Representative example: Borrow £1000 for 24 months at 24 equal instalments of £77.48. Total amount to repay £1,859.52. Interest £859.52. Annual interest rate 70% (fixed). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
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