Jargon buster - Personal Loans | Ulster Bank

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Jargon buster

Taking the mystery out of loans

Our guide to loans jargon

Here’s a list of terms and phrases you might come across and an explanation of what they mean. If you're looking for answers to common loans questions please visit our frequently asked questions section.



Icon expand Adverse credit



Icon expand APR (Annual Percentage Rate)



Icon expand CCJ (County Court Judgement)

A CCJ is issued by a County Court for failing to repay a loan or outstanding debt. It will have a negative impact on your credit rating and may affect your ability to get a loan or mortgage.


Icon expand Credit rating or credit score

This is the score given to you depending on your personal credit history. So, if you've always kept up repayments on any form of credit you've had, you'll have a good credit rating, whereas if you've failed to meet payments (or, have a CCJ against your name) your credit rating is likely to be poor.


Icon expand Credit reference agency



Icon expand Debt consolidation



Icon expand ERC (Early Repayment Charge)



Icon expand Fixed interest rate



Icon expand Interest



Icon expand Quote




Icon expand Representative APR


Most lenders (including us) use personalised pricing and this means your actual rate will be based on your personal circumstances.


Icon expand Representative Example

A Representative Example is what all providers must display in adverts for loans and credit cards. It is designed to give you a better idea of exactly what interest rate you can expect and help you see at a glance what your monthly repayment and total repayment amount will be over the term of a loan.


Icon expand Total amount payable

This includes the capital amount borrowed plus the interest charged.


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