Glossary

Application:
What is the lowest rate APR I can get on my secured loan? on a web site a loan or a mortgage application is you giving your details to a loan or a mortgage broker in order for them to provide you with a loan or a mortgage "quote" (see below). Often more detailed information will be required.
Quotes:
What is the difference between secured and unsecured loans? a quote is an offer of a loan, without obligations. A credit check may be carried out by the loan or a mortgage broker providing the loan or a mortgage quote.
APR:
What is the difference between secured and unsecured loans? this is the Annual Percentage Rate- the effective interest rate that is paid on a loan or a mortgage borrowing, making it simpler to compare loan or a mortgage deals. UK lenders are always required to disclose the APR before the loan or a mortgage is taken up.
Interest rates:
What is the difference between secured and unsecured loans? these are the fees paid to borrow money, usually in the form of a loan, mortgage or a credit card balance. The original amount borrowed is called the 'principal' and the percentage of the principal paid over time is the interest rate. Bank of England base interest rate is currently 5.75% (August 2007).
Loan:
What is the difference between secured and unsecured loans? a loan is a type of borrowing, and entails the redistribution of money over time between a lender and a borrower. The borrower will receive an amount of money or cash from a lender which needs to be paid back. There will generally be a cost involved (or a fee), referred to as interest on the loan.
Secured:
What is the difference between secured and unsecured loans? This is a type of loan borrowing usually in the form of a) mortgage, or b) a secured loan.
Mortgage:
What is the difference between secured and unsecured loans? The name given to credit used to buy property or loan secured by land.