Tips and Advice

> APR
APR determines the actual cost of your loan; the figure is based on the interest payable for the term of the loan and also all other additional charges and fees. This makes it the best variable to consider when choosing between loan providers as this will give you an overall idea of how much more or less it will cost you to go with a particular lender compared to another.

> Bad Credit
This is a credit rating term that applies to individuals whose credit records indicate defaulted debt repayments. Earning a bad credit rating means that loan companies will consider you a high credit risk and this will negatively affect the chances of your application being approved by some lenders, as well as resulting in higher interest rates applied to loans that are approved.

> CCJ
(County Court Judgments)
A County Court Judgment is recorded in the credit register regarding cases of unsettled debt in a civil action, as determined by the county court. If you owe money but repay the full amount within 30 days of the date of the judgment, the CCJ will not reflect on the credit register against you. The CCJ is the official recognition of the debt, and the action enforced upon you as a result of the judgment. Judgments against you will stay in the Registry Trust for six years.

> Credit Check
This refers to a credit history check made by a finance provider with a credit reference agency such as Experian. Lenders use a credit check to help them assess your loan application by determining whether you are a good or bad credit risk.