Technical Terms Explained - Jargon Buster

APR

• APR means Annual Percentage Rate
• It is the way the law requires firms to show their interest rates.
• See our FAQs for more details

Credit Score

• A credit score is a check done with a credit reference agency to confirm how well you manage your money
• We use this to approve your loan and confirm your identity

Debit Card

• Card attached to your bank account which takes payment directly from the cash in your account rather than on credit

Deferral

• Means postponing full payment of your loan for one month by paying the only the charges
• This incurs another month’s interest

Payday Loan

• A short term loan which you repay on your next payday