Offshore Banking(6)

Online banking glossary

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Annual Percentage Rate (APR)
APR or the Annual Percentage Rate is the interest rate charge on your loan. This takes into account the interest payable over the term of the loan as well as any other related charges or fees.
Application Fee
Some banks may charge an application fee to process your loan application. Paying this fee does not guarantee you will be approval, and will not be refunded should your application be rejected.
An asset is any property with monetary value (i.e. real estate, equipment, savings, investments).
This is the amount of money left in your bank account after all deposits, withdrawals, interest and bank charges have been accounted for.
Bad Credit
If you’ve defaulted on a loan or missed a credit card payment you may be flagged as a bad credit risk by financial companies. This makes it difficult to get approved for loans and often means you will pay more interest on any loan you are able to take out.
Cash Advance
This is an instant loan obtained from a credit card account, with interest charged from the date of the advance until it is repaid. There may also be a transaction fee based on the amount of the advance.
A written order to transfer money from a bank account.
County Court Judgement (CCJ)
County Court Judgement is a judgement made against a person or company for debt in the county court. If a CCJ is paid in full within 30 days of the date of the judgement it won’t reflect in the credit register. CCJs are catalogued and kept for 6 years with the Registry Trust.
Credit Check
This is done by a lender when you apply for a loan. The result of a credit check will help the lender determine how much of a risk you are to loan money to and will affect amount you can borrow and the interest rate you are offered.
Credit Rating
This is an independent evaluation published by a credit rating agency or service of your ability to pay interest and repay principal on borrowed money.
A legal obligation to deliver a product, service, or cash.
The money you put into a bank account.
This is the value of your home minus outstanding mortgage amounts and other loans. Equity can be converted into cash through companies willing to offer loans secured against it.
Financial Statement
A written record provided by the bank which details your financial situation. It often includes a record of all the money you have had come into you account, and all the money you have paid out.
The total amount of money you receive from all sources, including wages, bonuses, commissions, government or retirement benefits, compensation claims interest and dividends on all investments.
Net Income
The total amount of your income after any expenses and taxes you pay are subtracted.
You are considered overdrawn on your account if you withdraw more money than it currently holds. You are likely to incur some charge relating to the amount you are overdrawn, unless there was a prior arrangement with your bank.
This is an amount by which your bank account can be overdrawn. You will be charged a set fee for the provision of an overdraft facility, usually calculated as a fairly high percentage of the total overdraft value.
Variable Interest Rate
This type of rate varies depending on changes in a particular measure or index. Variable interest rates in the UK are computed from the Bank of England Base Rate.

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