Glossary of Finance Terms - Jargon Buster from LoanLine

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Glossary of Finance Terms

Use our layman jargon buster to decipher key industry terminology. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
	- A -

	APR - Annual percentage rate (APR) defined and its difference to interest rate Arrears - A handy glossary definition of arrears as used in the credit industry Assessed Valuation - A definition of assessed valuation, an essential part of lending back to top

	- B -

	Base Rate - What is the meaning of base rate in terms of lending ? Broker - A definition of a broker in terms of financial transactions back to top

	- C -

	Consumer Credit Act - A brief summary of the Act passed in 1974 Cooling Off Period - Borrowers in certain circumstances are entitled to breathing space ! County Court Judgement (CCJ) - You may hear a lot about CCJs in loan adverts Credit History - Ever been refused credit ? It could be down to your financial management Credit Reference Agencies - How can agencies help or hinder you ? Credit Scoring - Every one of us has a credit score. How is it calculated ? back to top

	- D -

	Data Protection Act - In various forms since 1984, what is the current Act ? Debt Consolidation - You've heard about debt consolidation loans, but what are they ? Decision in Principle - Estate agents might ask you if you have a 'decision in principle' back to top

	- E -

	Early Repayment Charges - An explanation of early repayment charges in the loan industry Early Settlement - Early settlement of a loan can sometimes save you money ! Equifax / Experian - More about leading credit reference agencies in the UK Equity - Equity can be negative or positive, but what exactly is it ? back to top

	- F -

	Financial Ombudsman - A possible third option between a complaint and going to court Financial Services Authority (FSA) - Who are they and what do they do ! Fixed Rate Loans - A glossary definition as used by the credit industry back to top

	- H -

	Home Owner Loan - Thinking of a loan ? Read this glossary entry first Homeowner - What does the credit industry mean by 'homeowner' ! back to top

	- I -

	Individual Voluntary Agreement (IVA) - A brief description of this debt management solution Involuntary Unemployment Cover - Fear or risk of unemployment can stop people from borrowing back to top

	- L -

	Late Payment Charge - How can late payment affect your loan agreement ? Lender - Parties to loan or credit agreements that provide money to the borrower Loan Agreement - The contract by which the two parties to a loan are bound Loan Application - An easy to understand definition of a loan application Loan Term - A simple definition to this common phrase Loan to Value (LTV) - Home loan terminology for the percentage of mortgage borrowing back to top

	- M -

	Major Illness Cover - An option for protecting yourself when taking out credit Monthly Repayments - The most common payment frequency for borrowers back to top

	- O -

	Overpayments - Can trigger complex recalculations, but here is a simple description back to top

	- P -

	Payday Loan - An option for protecting yourself when taking out credit Payment Holidays - Sometimes our finances need a little breathing space ! Payment Protection Insurance - The facts behind payment protection plans Personal Loan - A clear and concise explanation of this term Policy Document - An important part of any loan insurance scheme back to top

	- S -

	Second Charge - Terminology commonly used in the mortgage industry Secured Loan - Loan where the borrower must stake an item of property as collateral Setup Fees - Sometimes part of a loan agreement, but what exactly are they ? back to top

	- T -

	Total Amount Payable - One of the deciding factors when choosing a loan Typical APR - Explains the difference between APR and Typcial APR Typical Example - Used in loan advertising to illustrate repayment calculations back to top

	- U -

	Underwriting - The process of assessing the risk of a loan applicant Unsecured Loan - Circumstances that do not require any security back to top

	- V -

	Variable Rate Loans - Where interest charged each month varies, usually with base rate back to top

Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home.