Loan glossary
- Application:
- On a website a loan application is you giving your details to a loan broker in order for them to provide you with a loan “quote” (see below). Often more detailed information will be required.
- APR:
- This is the Annual Percentage Rate – the effective interest rate that is paid on a loan – it also takes into account fees. APR is used to calculate the total cost of loan borrowing, making it simple to compare loan deals. UK lenders are always required to disclose the APR before the loan is taken up.
- Interest rates:
- These are the fees paid to borrow money, usually in the form of a loan, mortgage or a credit card balance. The original amount borrowed is called the ‘principal’ and the percentage of the principal paid over time is the interest rate. Bank of England base interest rate is 5.0% at time of writing (November 2006).
- Loan:
- A loan is a type of borrowing, and entails the redistribution of money over time between a lender and a borrower. The borrower will receive an amount of money or cash from a lender which needs to be paid back. There will generally be a cost involved (or fee), referred to as interest on the loan.
- Quotes:
- A quote is an offer of a loan, without obligations. A credit check may
be carried out by the loan broker providing the loan quote.
- Secured:
- This is a type of loan borrowing usually in the form of a) a mortgage, or b) a secured loan (as offered by LoanFinders).
quick, easy and safe
- We search 100s of plans to find the lowest rate
- No fees and no obligations
- Simple 2 minute application
- 100% secure and confidential
- Lowest rates for homeowners
why use us?
- “LoanFinders found me the best APR for my circumstance in no time at all”
Amy, Swindon
- “We were baffled by loans until LoanFinders took all the hassle away!”
Mike and Debbie, London
- “Loanfinders gave us the most competitive quote we had received”
Mark and Rachel, Manchester
- “I saved 100s every month by switching to the deal LoanFinders found me”
Barry, Coventry
THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
LoanFinders is operated by GPAK Ltd, who have a credit licence under the Consumer Credit Act 1974, number 604735. Our company registration number is 04338971; our registered office is GPAK Ltd., Carmelite, 50 Victoria Embankment, Blackfriars, London EC4Y 0LS.
