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APR (Annual percentage rate)

The interest rate you incur on your loan expressed as an annual percentage, even though interest is charged monthly. ...

Comparison rate

The overall cost of a loan based on terms, interest rates, other fees, and repayment frequency. The aim of a comparison rate is to give you a full grasp of the loan's cost in its entirety.  ...

Cosigner

An additional loan applicant, in conjunction with a single borrower who might not have been approved for an unsecured personal loan on their own. ...

Debt consolidation

The act of taking out a personal loan to pay off other debts, leaving a single debt with a single monthly repayment. ...

Debt-to-income ratio

The percentage of your monthly income that is needed for debt repayment. ...

Interest rate

The advertised rate applied to the loan principal amount in order to calculate the total amount to be repaid (loan principal + interest), and not including any other fees payable. ...

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