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Borrowing money

All about loans, APR & interest

QuestionAnswer
lender A person or organisation who gives you a loan of money and charges a fee called interest.
APR The Annual Percentage Rate Calculates the total amount of interest that will be paid over the entire period of the loan taking into account charges which the borrower has to pay also. It is the TRUE cost of borrowing.
Interest An amount paid by a bank to the customer on savings placed with it.An amount paid to a bank from a customer on money borrowed from it.
secured loan When a loan is 'secured' on your home, it means the lender can repossess (take back) your home and sell it to get its money back if you don't keep up your repayments.
unsecured loan A loan that does not use anything you own as security. If you do not keep up with payments your possessions are not immediately at risk, but you can be taken to court, and your credit rating can be affected.
Created by: moneysense on 2013-06-27



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