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What is a secured loan?
A secured loan is where you borrow money and the loan is secured against an asset such as your home or car. This means that should you fail to meet the monthly loan repayments, the lender can seize the asset in order to get their money back.Secured loans tend to be more favourable if you are looking to borrow larger amounts of money. Interest rates tend to be more attractive than if you borrowed the money as an unsecured loan. This is because the lender has a ‘guarantee’ that he will get repaid in the form of your asset.
What is a secured lender?
A secured lender is a loan provider who secures the loan against your assets such as your home or car. Interest rates on loans provided by secured lenders tend to be cheaper than those offered by unsecured lenders. This is because the secured lender can seize your assets should you fail to meet the repayment terms whereas the unsecured lender cannot.
What is an APR?
APR is short for 'Annual Percentage Rate' and it is a legal requirement for lenders to display the APR when advertising interest rates.It shows the true cost of borrowed money on mortgages, loans and credit cards. How it works is that the APR calculation takes into account all the costs associated with the borrowing (such as the basic interest rate, any costs you have to pay and any initial fees).Because lenders calculate APR the same way, it means that you can make significant cost comparisons between products.
What is Experian?
Experian is one of the major UK credit reference agencies.Lenders will use a credit reference agency to check the suitability of an applicant based on their financial history. This is known as a credit report.As a consumer, you can request a copy of your credit file from Experian to check that all the data on it is correct and that your details have not been used fraudulently.
What is a CCJ?
A CCJ actually means County Court Judgement. This is a judgement made in a County Court against someone who is in debt to a third party (an individual or company) or where they have failed to meet the terms of a credit agreement.The Judgement will set an affordable payment plan so that the debtor can repay their debt. CCJ’s are held on public record and will affect the debtor’s chance of getting further credit for up to six years.