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Glossary

  • APR: The Annual Percentage Rate. All the costs, interest and annual fees are included in this.

  • Secured loans: Loans that are backed up by collateral are secured loans.

  • Unsecured loans: Loans that are not backed up by any collateral are unsecured loans.

  • Debt consolidation loans: A loan option through which you can combine two or more loans into one.

  • Credit score: A numeric score used to judge the credit worthiness of a person. It is based on credit limits, balances and other personal information assigned by credit bureaus and other credit reporting agencies.

  • Default: Late payment or non-payment of loan installments. It may also happen when one fails to meet the terms and conditions of a loan.

  • CCJ: County Court Judgments. It is a judgment by county court demanding the payment of a sum of money from one party to another.