• Adverse Credit: used to describe a person who has a history of defaulting on credit repayments, has county court judgements or has been declared bankrupt.
• APR (Annual Percentage Rate): the total amount of interest and other fees charged on a loan.
• Arrears: when a borrower has fallen behind on loan or mortgage repayments.

• Bad Credit: Common practices that can damage a credit rating including making late payments, skipping payments, exceeding card limits or declaring bankruptcy.

• Broker: an individual who sources financial products best suited to an individual's needs

• Cashback: an incentive whereby the borrower receives back a sum of money when taking out a loan

• CCJ (County Court Judgement): a court order against a borrower demanding they pay back money owed

• Credit Agreement: a signed agreement between the lender and borrower, outlining terms and conditions relating to the loan

• Credit Reference Agency: a company the provides lenders with individual's credit details and history

• Credit Score: an applicant's credit status based on searches carried out by credit reference agencies

• Fixed Interest Rate: an interest rate the remains the same throughout the loan term

• Over-Repyaments: when payments are higher or more frequent than stipulated in the credit agreement

• Payment Protection: an insurance plan that will take care of loan repayments on your behalf in the event of illness or redundancy

• Secured Loan: where a borrower's property is used as security to guarantee repayment of the loan