Glossary Of Consumer Finance Terms
A guide to many of the terms used in the consumer finance market.
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Acceptance Rate – The percentage of customers that are successful when applying for a loan or credit card. 66{5b0579ddad123e8826b0f99aaf2548fba6b6d6310808b95d99d67897c25a7935} or more applicants must be offered the advertised rate know as the Typical APR (See ‘Typical APR’ below).
Annual Percentage Rate (APR) – The rate of interest payable annually on the loan or credit card balance. This allows potential customers to compare lenders. Under the Consumer Credit Act Lenders are legally required to disclose their APR.
Arrears – Missed payments on a loan, credit card, mortgage or