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Money Lending

QuestionAnswer
financial institution An institution that provides financial services for its clients or members.
loan This is an advance of money from a lender to a borrower over a set period of time. The borrower must repay, usually monthly, with interest.
APR The Annual Percentage Rate is an interest rate that takes into account the full amount of interest on any money borrowed, plus the number, frequency and amount of repayments and other charges. I is the true cost of a loan.
interest rate The percentage paid on every €1 saved or borrowed.
interest An amount paid by a bank to the customer on savings placed with it or an amount paid to a bank from a customer on money borrowed from it.
credit record A record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy.
Credit union A non-profit making co-operative savings association that lends money to its members, often at low interest rates, and encourages saving.
Doorstep lender A company that offers small loans to individuals who would not necessarily qualify for a bank loan. The company normally collects the weekly or monthly repayments in person from the borrower's home. The rates of interest may be high, but it is legal.
Finance company A company that offers secured loans to be paid back in instalments
credit rating A rating used by banks to assess the credit worthiness of an individual.
bankruptcy This is a court order given when someone cannot pay their debts. An official receiver takes control of your money and property and deals with your creditors.
debt An amount of money that you owe to a person or company.
secured loan When a loan is 'secured' on your home, it means the lender can repossess 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