Jargon buster for payday loans and cash advances
If you want to understand more about cash advances and payday loans here's our jargonbuster
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Jargon buster for payday loans and cash advances
Payday Loan
A payday loan is a cash advance that solves temporary cash flow problems by bridging the gap between pay days. It is not appropriate for solving longer term cash flow problems - if you are in such a position we suggest you look at the "Managing Your Money" section of this web site.
Credit Check / Credit Score
This is a check done with a credit reference agency to confirm how well you manage your money. Lenders use this to approve your loan and confirm your identity.
Debit Card
A card attached to your bank account that takes payment directly from the cash in your account rather than on credit.
Deferral
This means postponing full payment of your loan for one month by paying only the charges. This incurs another month's charges.
APR
This stands for Annual Percentage Rate. It is the way the law requires lenders to express the costs of a loan. Unfortunately it misrepresents the cost of a payday cash advance because of its short term nature. You can find out more in our "What it Costs" section.
