Understand all the terminology in your loan contract, before signing. This will ensure that you are not signing yourself to be legally responsible for something that you were not prepared for.
The ‘loan lingo’ can be very confusing that’s why we have put together a comprehensive list of common terms used when applying for a loan.
Short Term Loan
A short term loan is a type of loan that is obtained to support a temporary personal need. It is a type of credit, and involves a borrowed capital amount and interest that needs to be paid back at a given due date, which is usually within a year or two after getting the loan.
A Personal Loan is a fixed amount of money borrowed at a fix rate and repaid over a fixed amount of time. Personal loans with Swoosh Finance are secured. A secured personal loan requires a registered vehicle as collateral.
A document signed by both parties, containing all the details of your loan including any fees, term and interest rates, as well as repayments.
A.P.R (Annual Percentage Rate)
The interest rate that’s charged to the borrower expressed as an annual rate.
A comparison rate is a rate that helps you work out the true cost of a loan. It reduces to a single percentage figure the interest rate plus most fees and charges relating to a loan. The comparison rate allows you to compare loans from different lenders to find out how much it will cost you.
The person who is applying for the loan.
A signed agreement setup to automatically transfer funds from a nominated bank account (the applicant) to a third party account (Swoosh Finance)
Secured or Unsecured
Swoosh Finance offer secured loans. Secured loans require a registered vehicle as collateral. An unsecured loan refers to any type of debt that is not protected by a guarantor.
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