Looking for a loan, but don't understand what it all means? Read our jargon buster, which explains some of the most confusing terms.
|Term||What it means|
|APR||This is the interest rate on your loan. APR stands for 'Annual Percentage Rate' and it is this amount of interest your loan charges over a year.|
|Debt consolidation||If you have existing debts you can take out a new loan to pay them all off, leaving you with just one monthly payment to make.|
|Repayment period||The amount of time it will take to repay your loan. The longer the repayment period, the smaller each monthly payment will be.|
|Representative example||Before you get a loan quote, you may see a 'representative example' of what the loan is likely to cost. Depending on your circumstances, the deal you are offered may be slightly different.|
|Total amount payable||The total amount you will repay over the course of your loan, including interest.|
|Total credit cost||The total interest to be paid over the course of your loan.|