- A lender's representative from a home credit company who calls at your house to collect payments on home collected loans.
- All loans
- All loans on this site show you home collected loans and other cash loans.
- Amount of each repayment
- This is the normal weekly or monthly payment you have to make on your loan. It is important to make sure that you can afford the repayments and are likely to be able to do so for the duration of the loan.
- The Annual Percentage Rate of charge. This is the rate of interest and other charges payable on your loan worked out on a yearly basis.
- Cost of the credit
- The cost of the credit shows how much it will cost you to borrow the amount you want. It will include the total interest that you will have to pay, and any non-interest charges such as for home collection. It will not include default charges such as charges for late or missed payments.
This is a good way to compare the price of short-term loans. It shows you how much more than the original amount borrowed you will have to pay back.
- Credit Unions
- Credit unions are financial co-operatives owned and controlled by their members that offer savings accounts, loans and other services. Any profit a credit union makes is invested back into the organisation or shared out amongst members as a dividend. Each credit union has a "common bond" which determines who can join it. The common bond may be for people living or working in the same area, people working for the same employer or people who belong to the same association, such as a church or trade union.
- Default charges
- These are charges for late or missed payments. They are not included in the cost of the loan or the APR so would be payable in addition. A credit reference agency may be told if you default on your loan. This can be notified to a credit reference agency and may make it harder for you to get credit in future.
- Home collected loans
- Home collected loans are typically for small cash amounts (from a few tens of pounds up to a few thousand pounds), paid back over a fixed period of between 10 weeks and 2 years. First time borrowers may be restricted to smaller, shorter loans.
An agent calls at your house (normally weekly), at a time you can arrange, to collect your payments.
The costs are generally fixed and up front. You will not normally be charged any extra for missed or late payments. Where a lender makes such charges they must describe them in the credit agreement. Check the agreement carefully to ensure that you know what you are signing up to.
- Home Credit
- 'Home credit' is another term used for 'home collected loans'.
- Late Payment Fees
- These are a type of default charge (see above).
- Loan Amount
- Loan amount is the amount you want to borrow. Bear in mind that some lenders may lend only in certain increments. For example a lender may lend between £100 and £500 but only in increments of £20, so they might be prepared to lend you £100, £120, £140 and so on, but not, say, £110. Therefore if you searched for, say £110, the lender’s products will not be shown in your search.
- Other Cash Loans
- Other cash loans are loans where the repayments on the loan are due in cash. The number of payments can vary, so the cost of your loan will depend on how quickly you pay it back.
Other cash loans advertised on this site will typically be credit union loans that are repaid in cash at collection points or offices. Some credit unions (see above) may require you to save with them before they will lend you money.
- Rate of interest
- Interest may be charged weekly or monthly, but the credit agreement must show the annual rate of interest. This applies even if the loan lasts for less than a year. The agreement may also show the weekly or monthly rate in addition but this is not a requirement.
The details given on the site include the annual rate of interest. This may be fixed (for the duration of the loan) or variable. A variable rate will often vary in line with bank base rates but this is not necessarily the case, so check the agreement carefully.
- Representative APR
- This is the APR that at least 51% of customers are expected to be charged. It is therefore representative (or typical) of business expected to result from the advertisement on the site.
- Representative example
- Each advertisement on the site must, by law, include a representative example. In most cases this will correspond to the loan searched for, but this will not necessarily be the case (for example, if most people responding to the advertisement are likely to be offered different loans at different rates)
The representative example must be based on the representative APR, and must show the following information:
- a representative loan amount
- length of loan
- amount and frequency of repayments
- total amount payable
- rate of interest
- any non-interest charges
- representative APR
- Some lenders may restrict who can apply for loans on the site. For example some loans may only be available to existing customers. Other restrictions may apply depending on your ability to pay, where you live and the amount you want to borrow. You may need to contact the lender for more information.
- Total Amount Payable
- The total amount you will have to pay. This comprises the amount borrowed plus the total cost of credit (see above).