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When applying for a loan or mortgage it can be confusing at times with the jargon that they use to describe certain things, so to help you out a bit here is a few jargon busters to help you on your way.

APR

APR is the annual percentage rate that you pay on top of the money you borrowed, this is charged by the lender so to make money of the customer’s lending.

Typical APR

The Typical APR is the rate a lender will offer to the majority of customers, although this isn’t necessarily the rate that will be offered to everyone.

Quote

This is simply the estimated total cost of a loan including the repayments and the total amount to be repaid to the lender. The quote can be different to the total cost dependent on personal circumstances.

Payment Protection

This is to protect the customer from illness, injury or any circumstance that prevents you from meeting your loan repayments.