FAQ - Glossary


APR stands for annual percentage rate and is used to describe the cost of borrowing money. All lenders calculate APR in the same way which allows you to compare different lending products. The APR you are offered will vary depending on your personal financial circumstances and the loan provider. The interest rate is essentially the cost of borrowing the money.

Credit Broker

Credit Brokers introduce borrowers to lenders and help streamline the process of getting a loan. Credit Brokers do not lend money or offer financial advice or recommendations.

Credit Card

A credit card lets you spend money on credit, essentially having a loan for the amount you spend using a credit card.

Adverse Credit

Adverse credit (also known as bad credit, impaired credit or poor credit) refers to a credit rating which shows a history of missing payments, and may include defaults and county court judgements (CCJs).

Credit File

A credit file is a report that details your credit history. It will contain information about your past and present borrowing as well as personal details to identify you, for example your address.

Credit Check or Credit Search

A check carried out by a lender to establish your credit worthiness. Arrears will be shown, along with details of your financial history, any adverse credit, electoral roll information and details of previous searches.


The lender is the entity that is issuing the loan over a predetermined period of time. The recipient of the loan, under the terms of the lending agreement, is required to repay the loan and any interest in line with the repayment schedule.


The loan is the sum of money given to the recipient which is paid back with interest.

Loan Purpose

The loan purpose is the reason why the borrower requires money, for example to fund a car purchase

Loan Term

The loan term is the duration over which money is borrowed from the lender and which repayments are due

Unsecured Loan

A loan that is supported solely by the borrower's creditworthiness, it is not secured against an asset