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Loan Jargon - a comprehensive reference of loan terminology from i Secured Loans

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Easy money
A government policy which expands the economy by increasing public access to money, via lower interest rates and offering easy access to credit.
Early-repayment charge
A charge the borrower may have to pay if they pay back a loan early.
Economies of scale
Reduction in average unit costs that happens when the scale of production is increased.
Effective Annual Rate
The average interest rate paid on a deposit for a period of a year. The total interest added over 12 months is expressed as a percentage of the principal at the beginning of the loan.
Endowment Mortgage
A long-term loan for a property in which the borrower makes two monthly payments. One to th lender to cover the interest on the loan, and the other as a premium paid into an endowment assurance policy. When the loan finishes, the pay out from the endowment policy is used to repay the principal.
Endowment Policy
An insurance policy that pays a set amount to the policyholder at maturity, or to a beneficiary if the policyholder dies before it matures.

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z, Full List




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