Loan terms explained

Looking for a loan, but don't understand what it all means? Read our jargon buster, which explains some of the most confusing terms.


This is the interest rate on your loan. APR stands for 'Annual Percentage Rate' and it is this amount of interest your loan charges over a year.

Debt consolidation

If you have existing debts you can take out a new loan to pay them all off, leaving you with just one monthly payment to make.  

Repayment period

The amount of time it will take to repay your loan. The longer the repayment period, the smaller each monthly payment will be.

Representative example

Before you get a loan quote, you may see a 'representative example' of what the loan is likely to cost. Depending on your circumstances, the deal you are offered may be slightly different.

Total amount payable

The total amount you will repay over the course of your loan, including interest.

Total credit cost

The total interest to be paid over the course of your loan.

Apply for a loan today

To apply, call our loan advisers on 0845 603 6695* (calls from a mobile may be cheaper on 01772 666122), or email with your details and we will get back to you.

*Calls from a BT landline may cost around 25p based on a 5-minute call. Calls from mobiles and other providers may cost more.

Places for People Financial Services Limited is authorised and regulated by the Financial Conduct Authority with firm reference number 663756