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Personal loan


Annual Percentage Rate (APR)

The rate at which interest is charged on money owed over a 12 month period (also see Comparison rate).


Borrower

A person who has entered into an agreement to borrow money from a lender.


Comparison rate

All lenders must disclose a comparison rate in their loan advertising. The comparison rate is designed to reflect the total annual cost to a borrower of a loan. It includes the interest payment and fees and shows all costs in one rate, or the average annual percentage rate (APR).


Consolidate debt

To combine multiple loans and/or outstanding credit from store or credit cards into one single loan and repayment.


Credit card

A plastic card with a credit limit that allows the borrower to use it for purchasing goods and services.


Credit limit

The maximum amount that a lender will allow you to borrow for a credit facility.


Guarantor

A person who agrees to repay the outstanding debt in the event the borrower fails to meet their obligation to repay.


Interest

The amount a borrower is charged for the use of the lender's money.


Loan

Money that is lent to an individual with the intent that it is to be repaid with interest at an agreed term.


Loan agreement

A contract between a lender and borrower which includes all the terms and conditions of the loan.


Loan application fee

A fee charged on approval of your personal loan or if you withdraw your application or let it lapse.


Loan repayment

The agreed amount of each repayment to be made as per your loan contract to repay the debt.


Loan term

The length of time granted to repay the debt.


Lump sum payment

A single payment made towards a loan in addition to the scheduled repayment.


Minimum repayment

The minimum amount required to be paid on a loan or credit facility.


National Credit Code

A law that protects individuals who are borrowing money, by ensuring credit providers all adhere to the same rules when providing personal, domestic or household purposes.


Offer and loan contract

A written offer made to the borrower detailing the terms and conditions under which the lender proposes to provide the funds. Once accepted it becomes a legally binding document for all parties (the borrower and the lender).


Overdraft

A continuing credit arrangement that allows the borrower to withdraw up to an approved credit limit. A rate of interest is applied to the outstanding balance when the facility is in use.


Personal loan

A loan where money is lent for a general purpose for a specified period, at a rate of interest. Repayments are made by the borrower on a regular basis to repay the loan amount.


Redraw

A facility that allows you to withdraw additional payments made to your loan.


Refinance

A new loan taken out for the purpose of paying out an existing loan with another lender.


Security

The asset being used to guarantee the loan.


Unsecured loan

A loan where no security or guarantee is required


Variable interest rate

The interest rate on a credit facility that can go up or down during the term of the loan depending on how the economy is performing.


Security


Digital certificate

Used to establish your credentials electronically when transacting on a website or to ensure the identity of a remote computer.

 

Hackers

A person who is involved in computer security/insecurity. They could obtain or prevent unauthorised access to systems through skills, tactics and detailed knowledge.


Instant messaging

Form of real time communication based on typed text conveyed by computers over the internet.


IP

IP stands for Internet Protocol. An IP address is a computer’s numerical address on a network using the Internet Protocol (eg the internet).


Key logging

Key logging, also known as keystroke logging is the process of capturing a user’s keystrokes. Key loggers can be in the form of software or a hardware device discreetly attached to a computer keyboard.


Phishing or hoax

Phishing is the use of hoax emails alleging to be from an organisation, requesting confirmation of personal details.


Rootkit

A set of software tools intended to conceal running processes, files or system data from the operating system, Rootkits often modify parts of the operating system or install themselves as drivers.


Router

A device that connects a network together. Broadband router is a hardware device connecting a home network with a wide area network or the internet.


Secure Sockets Layer (SSL)

They are cryptographic protocols providing secure communications on the internet for such things as web browsing and email.


Security token

A security token is a small electronic device that generates a one time password, entered when you log into internet banking.


SMS Security

SMS security is similar to a security token in that it provides an extra layer of security when logging into internet banking by generating a one time password that is sent to your mobile phone.


Spam emails

Spamming is the abuse of electronic messaging systems to send unsolicited bulk emails. There are spam filters on some security software which try to delete or move the spam messages.


Spyware

Spyware is a type of software that collects personal information without consent. You can often unwittingly click on spam emails or go to certain websites which install the spyware. Different types of spyware can be used to record everything that is typed, including internet banking access codes, other passwords or websites visited.


Trojan

A program that contains or installs a malicious program while appearing to be a useful or interesting application.


Virus

A computer virus is a computer program that can copy itself and infect a computer without permission or knowledge of the user.


Worm

A self-replicating computer program which does not need to attach itself to an existing program. It uses a network to send copies of itself to other computers and it may do so without any user intervention.


Teachers Credit Card


Additional cardholder

A person(s) you authorise will share your credit limit and you are responsible for their use.


Balance transfer

The transfer of any unpaid debt from other credit or store cards to another card.


Cash advance

A withdrawal of cash against your credit card account which incurs interest charges from the day the cash is obtained.


Closing balance

The total amount you owe at the end of a statement period.


Consolidate debt

To combine multiple loans and/or outstanding credit from store or credit cards into one single loan or credit card and repayment.


Credit card

A plastic card with a credit limit that allows the borrower to use it for purchasing goods and services.


Credit limit

The maximum amount that a lender will allow you to borrow for a credit facility.


Interest rate

The rate at which interest is charged on money owed over a 12 month period.


Payment due date

The date by which you must pay the minimum outstanding amount.


Minimum monthly repayment

The minimum amount you need to pay by the payment due date each month.


Monthly statement

A monthly record provided by mail or online which summarises all the transactions that have occurred on your account since the last statement, including fees charges, interest paid and the due date for payment.

National Credit Code

A law that protects individuals who are borrowing money, by ensuring credit providers all adhere to the same rules when providing personal, domestic or household purposes.


Secure Sentinel

An optional service to assist members who loss or have their cards or possessions stolen.


Variable interest rate

The interest rate on a credit facility that can go up or down during the term of the loan depending on how the economy is performing.


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