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At Moneyline, we like to keep things simple and use words that everyone understands.

Our Jargon Buster is here to help you with some of the words and phrases used in financial services.

APR or Annual Percentage Rate is the total cost of your borrowing, it also includes the standard fees and interest you will pay.  Your repayments are the same because of how the interest is calculated.

At Moneyline our loan terms we offer are a year or less, so APR is not the best way to compare. The total amount payable is a better way to understand how much you will pay back when a loan is less than 12-months compared to other loans.

A pre-contract is a copy of your final loan agreement which shows you, your loan amount, term, payment and the interest rate offered.

It is important that you read through this carefully as this is the last chance to make any changes before your final loan agreement is sent.

A loan agreement is a formal contract between a lender and a borrower.

Loan agreements spell out all the details of the loan, such as the amount, interest rate, term of the loan and payment terms. They also outline the rights of a lender  and the borrower.

A Direct Debit mandate is where you confirm we can collect your loan payments from your bank account.

A Notice Of Sums In Arrears (NOSIA) is a letter we may send you if you fall two or more payments behind on your loan if you pay  monthly (for weekly payments it's 4 missed payments).

A Subsequent Notice Of Sums In Arrears (SNOSIA) is a letter we must send you every six months after sending you a NOSIA, until you're up to date with your loan payment schedule.

This is a final reminder letter. We may send it to you to remind you that your payments are not up-to-date.  It will explain to you what action we may take if you do not make a payment plan with us in the next 14 days.

If you miss payments or you don't pay the right amount you may get sent a default notice, also known as a notice of default. It gives you 14 days to contact us to make an arrangement to pay or to set up a payment plan.  

If you can’t do this a default may be applied, this is recorded on your credit file which can affect your credit rating and could lead to difficulty in accessing credit in the future.

DRO stands for Debt Relief Order. When you have a debt relief order, you don’t have to make any payments towards your debts, and the interest is frozen.

IVA means an Individual Voluntary Arrangement. It’s a legal arrangement between a borrower and the lender to pay back debts over a set amount of time.

Protected Trust Deeds are insolvency solutions to help deal with debt problems for people who live in Scotland.

Bankruptcy is one way for people to deal with debts they cannot pay. It can be a way to clear your debts if you are not able to pay them. This may effect your ability to access credit in the future. 

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