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What these terms mean
APR
The Annual Percentage Rate: the yearly cost of the loan, including interest and any fees you must pay, as a percentage. It is stated in your agreement.
Representative APR
The rate a loan advert has to show. At least 51% of people accepted through that advert get that rate or lower; others can be offered a higher one, so the rate in your own agreement is the one that applies.
Term
How long the loan runs, in months. A longer term usually means a lower monthly repayment and more paid in interest over the whole loan.
Paying off early
You can repay a personal loan early, in full or in part. The lender may charge a fee for it, which the law limits; your agreement sets out how it is worked out.
Secured and unsecured
An unsecured loan is not tied to anything you own. A secured loan is tied to an asset, usually your home, which can be at risk if repayments are not kept up.
Keeping a loan in order
A loan is easiest to keep on top of when its numbers sit in one place: the lender, the balance, the rate, the monthly repayment and the date the term ends. Wisemium keeps them with the rest of your household bills, so the repayment date and the end of the term are in front of you before they arrive.
Add it from your agreement or a statement, or type the details yourself. What Wisemium read from a document and what you confirmed are kept apart, and anything unknown stays blank.
Wisemium does not arrange credit, choose a lender or give credit advice, and it is not authorised by the Financial Conduct Authority. Your agreement is what sets the terms.