Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
The all-in yearly cost of a loan, including interest and fees, expressed as a percentage.
The number that lets you compare a fee-based plan with an interest-based loan; regulated lenders must show it in the key fact statement.
A standardised statement a lender must give a retail borrower before the agreement is signed, setting out the amount, tenure, charges and an all-inclusive annual percentage rate.
The document that exposes a processing fee deducted from the disbursal. A quoted interest rate hides it; an all-inclusive annual rate cannot.