Helpful A-Z glossary listing key terms and their definition.
An interest rate that can go up or down depending on different market conditions. An increase in the rate will result in higher monthly payments, and vice versa. Cash Converters loans are all fixed rate.
An adverse credit rating is one that is less than perfect due to things like missed or late payments.
A legally binding contract between lender and borrower, in which the lender agrees to loan money at a given interest rate, while the borrower agrees to repay the total repayable amount over a set period of time.
The amount of interest an individual would pay on a loan over the course of 12 months.
A decision in which a lender agrees to loan money to a borrower based on information contained in the loan application.
APR is an acronym for ‘annual percentage rate’. This is the equivalent annual rate that is charged for borrowing, expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction.
Being in arrears means a borrower is behind on their regular repayments.