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Finance Glossary

finance glossary

Personal loans – Personal Loans are loans generally obtained by consumers in small amounts and for non-business purposes. Examples of personal loans include home improvement loans and loans to finance the purchase of consumer goods and services. Personal loans can be taken for a variety of options and come with flexible loan terms.

Secured loans – Secured loans are loans secured by collateral. The collateral is the guarantee placed in return for the loan, which is usually in the form of your home or any other property. Secured loans attract lower interest rates and are very popular with lenders. Homeowners have an ideal option in the name of secured loans.

Unsecured loans – Unsecured loans do not require collateral. No security is required in return for the loan. Unsecured loans are thereby not backed by any security. The risk for the lender increases. Therefore, unsecured loans have higher rates of interest as compared to secured loans.

Mortgage – A mortgage is a provisional transference of property as security for the repayment of a loan. A mortgage is a highly positive method of borrowing money because the interest rates on mortgages have been falling. However, the drawback with a mortgage is that you can lose your property in case of failure of repayment.

Remortgage – When you move a mortgage from one lender to another, it is known as a remortgage. The new mortgage will pay off the existing lender, and sometimes, you may raise additional funds over and above the old mortgage amount. Usually, a remortgage is drawn to secure a competitive interest rate. It is advisable to research remortgage costs before remortgaging. You should also be wary of any redemption charges when considering a remortgage.

Credit score – A credit score is a number that tells a lender how likely an individual is to repay a loan, or make credit payments on time. When a lender requests a credit report and score from a credit reporting agency, the score is calculated by a mathematical equation that evaluates many types of information from your credit report at that agency. By comparing this information to the patterns in thousands of past credit reports, scoring identifies your level of credit risk.

Debt consolidation loans – The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It’s also called a consolidation loan. This process is usually used by consumers to better manage their debt problems.

Home equity loan – A home equity loan uses your house as security. This is a loan against the portion of a home’s current value on which you do not owe money – the value of a home, minus the current balance of any mortgage or loan against the property. Home equity loans provide you with a fixed amount of money repayable over a fixed period of time.

Bridging loans – Bridging loans are specifically designed short-term loans. Bridging loans can be acquired in very little time to bridge the financial gap between purchase and sale. A bridging loan is made available quickly. You can get the required funds through a bridging loan and move ahead with the purchase of a new house.

Payday loans – A payday loan can be defined as a loan or advance that is put into your bank account or provided as cash in a short time period, usually within a day. At the end of the loan term, the cash that you have borrowed as a payday loan will be withdrawn from your bank account. In short, a payday loan is a short-term loan that is transferred to your account within 24 hours.

Car loans – A car loan is a loan taken to finance your car. Financing a car through car loans can be done under the alternative of secured car loans and unsecured car loans. Unsecured car loans require no collateral, and secured car loans require collateral.

Home improvement loans – Home improvement loans are that perfect solution for making any changes in your house. Fixing the house, upgrading your kitchen or your bathroom and all necessary home improvement that you don’t seem to have money for can be fulfilled by home improvement loans.

Education loans – Education loans can take care of the expenses of education like tuition, accommodation, books, computer, etc. There is a wide variety of parent and student loans, including federal, private, and consolidation loans. Education loans are a very convenient way of acquiring the education you want.

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