Jargon Buster
APR
- APR stands for Annual Percentage Rate and is the interest payable on the amount borrowed and other charges expressed as an annual rate charge
- It is the way the law requires firms to show their interest rates
- See our FAQs for more details
BACS
- BACS is a scheme for the electronic processing of financial transactions
- We will transfer your payday loan into your bank account using BACS
- Some banks can take up to 3 working days for money to clear through this process
Credit search
- A credit search is a check performed by a credit reference agency to confirm how well you manage your money
- We use this information to assess your application for a loan and confirm your identity
Debit card
- Card attached to your bank account, which takes payment directly from the cash in your account rather than on credit
Deferral
- Means postponing full payment of your loan for one month by paying only the charges
- This incurs another month's interest
Payday loan
- A short-term loan which you repay on your next payday
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