Glossary
- Typical %APR
- This is the APR that most customers are charged when applying for the loan.
- Total Charge for Credit
- Total Charge for credit shows you how much it will cost you to borrow the amount you want. If any extra charges apply they will always be detailed in the Other Charges section of an advert.
This is the best 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.
- APR
- Annual Percentage Rate is the rate of interest and other charges payable on your loan worked out on a yearly basis.
- Agent
- A Lender's representative from a home collected company who calls at your house to collect payments on Home collected Loans.
- All loans
- All loans on this site shows you Home Collected loans and Other Cash Loans.
- 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.
- Home Credit
- Home Credit is another term used for Home Collected loans.
- Home Collected Loans
- Home Collected Loans are typically for small cash amounts (from fifty 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.
All the costs are fixed and up front, typically you will not be charged any extra for missed or late payments. Where a lender makes such charges they must detail them.
- Late Payment Fees
- Late payment fees are extra charges you pay when you are late making a payment. Where a lender charges you such a fee the details will be clearly indicated.
- Loan Amount
- Loan amount is the amount you want to borrow.
- No. of payments
- No. of payments shows you the number of regular payments you have to make to pay your loan back.
- Other Cash Loans
- Other Cash Loans are loans where the repayments on the loan are expected 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. To join a credit union and use its services you need to fit with its "common bond" determining who can join. This may mean living in a certain area or working for a certain employer. Some credit unions require you to save with them before they will lend you money but many will lend to new members.
- Other Charges
- Where a lender has other charges such as late payment fees or charges for home collection they will always be detailed in the other charges section of the loan advert.
- Regular Payment
- Regular payment will show you the normal weekly or monthly payment you have to make on your loan. It is important to make sure that you can afford the payments.
- Restrictions
- 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 but not be shown. Please contact the lender for more information.
- Total Amount Payable
- The Total amount you pay back including the amount you want to borrow.
