The Glossary
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The
Letter Q
This
section provides information on terms and phrases beginning with
the letter Q
At the grabber we know finance is full of
confusing terms and phrases, and so on this page we explain:
Quick Application |
Quotes
A quick application is when a request for finance gets a
response back from the lender as quick as possible. That way a
borrower gets their hands on their money quickly.
This usually happens in finance "shops" because their system
used is set up and ready to go and when details are entered the
lender can access the application. For all intents and purposes
the process is virtually automatic and consists off following
pre-set formula. But finance arranged in this way may not have
the best rates because the lenders might use pre-set products
and terms.
Pre-set finance products are products where borrowers taking a
loan pay it back at a predetermined rate. Little time is spent
on studying your circumstances. This is great when desperate for
finance and you don't care how much it costs in the end.
How ever if you do care how much the finance you're after costs
overall, apply to a lender who wants to check out your credit
rating and individual situation. This way you will receive a
quote for your finance which is tailored more for your
circumstances, your ability to pay and less towards making the
lender their profits.
The Grabber has a selection of
application forms which go to independent brokers, who will
check your situation and your history before contacting you with
a quote.
A quote will detail a financial products total and present a
cost to the customer for the product. This quote should include
the repayments, interest, amount to borrow and the total amount
payable on the finance over its full term.
The quote should also take into account the borrowers ability to
pay, their credit rating, history and requirements.
An independent agent not tied to a particular product or range
should be able to present quotations from several ranges thus
offering the chance to make greater savings.
To avoid being given poor advice or being ill informed of a
products terms and conditions, or the risks involved in
particular investments, borrowers are advised to ensure the
lender is fully aware of both their needs and ability to pay.
Any financial products suggested to you should be fully
explained and any risks involved outlined with further
information available.
Got a piece of jargon you want explaining, it's time to let The Grabber loose.
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