Finace Glossary UK- Secured, Personal,Homeowner, Debt Consolidation Loan Related Glossary UK

Accident, sickness and unemployment cover
If one is not able to cover for a period of time due to fact that he is disable. It covers that period & pays a monthly amount of money for a limited time period.

APR
APR or Annual Percentage Rate. It is the effective interest rate that the person who borrows the money needs to pay on a loan, taking into account one-time fees and other factors.

Secured Loan
Secured loan is loan where you need to place your property as security against any loan, so that the lender may be able to give you loan as per the value of your property.

Unsecured Loan
Unsecured loan is a loan where you donot have to place any property at risk, to get an loan. the interest rates are high in case of unsecured loans.

Bad Credit Secured Loan
Loan offered if you have bad credit history, which one have if you had CCJ's, Default, Mortgage arrears, missed payements or bankruptcy.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. ALL LOANS ARE SUBJECT TO STATUS IN THE UK.