APR
APR is the Annual Percentage Rate charge on your loan. This takes into account not only the interest payable on the loan over the life of the loan but also any other related charges or fees. As such it's the best measure for comparing the cost of borrowing from one lender to another.
Application Fee
Some banks will charge a fee for loan applications. Paying this fee does not guarantee you will be approved for the loan and even if your application is rejected you will still have to pay this.
Asset
An asset is any property with a cash value such as real estate or equipment.
BACS
BACS stands for Bankers Automated Clearing Service, which is a computerised system facilitating the transfer of funds from one bank account to another after clearing.
Credit Check
A credit check is a check made by a lender or other financial company when you make an application for a loan. The result of a credit check will affect the decision of the lender on whether or not to approve your loan request.
Credit History
Your Credit History is a record of how you have paid your debts, whether you have made late payments or had a County Court Judgement made against you.
Credit Rating
Your Credit Rating is a formal evaluation of your ability to pay interest and repay principal on borrowed money, as published by a credit rating agency or service.
Electronic Banking
Most banks and building societies now allow you to access your bank account electronically by using a computer, interactive television, or your mobile telephone.
Financial Statement
A financial statement is a written record provided by the bank which records your financial circumstances. The financial statement generally includes a record of all the money you have paid into you account, and all the money you have paid out.
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