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Lead Generator

Definition
Another firm or individual that acquires the personal contact details of customers and passes them to City Energy Network in return for a fee.

Explanation
City Energy Network refers to Lead Generators for leads that are generated for products and services except for the provision of consumer credit loans.

Lending Criteria

Definition
Lending criteria as pre-set minimum or maximum risks defined by each lender differently.  Lenders decide how much of a risk they wish to take and restrict their willingness to lend to a borrower by considering aspects such as credit score, existing debt consolidation, age, repayment history and more.

Explanation
These are key requirements that customers have to meet before they are able to apply and achieve approval for a loan.

Liability

Definition
A responsibility to an individual or company, which may occur legally or contractually.

Explanation
Used when talking about responsibilities – either contractual or legal, confirming where the responsibility for payment lies.

Loan

Definition
A loan is where a lender provides a temporary money advance to a borrower, usually over a set period of time. Once a loan is accepted it then becomes a debt for the borrower.

Explanation
A loan is a sum of money which is borrowed and paid back, usually with interest, over a period of time. The firm provides different types of loans for which the duration and other terms of this ‘temporary money advance’ differ.

Loan Agreement

Definition
A contract between a lender and a borrower, who both then agree the terms and conditions of the loan, usually known as a credit agreement.

Explanation
The Loan Agreement is where we outlined the conditions of us lending to our customers over the duration of the contract.

Loan Purpose

Definition
It is a term used to show the underlying reason for an applicant seeking a loan.  The Loan Purpose allows the lender to make decisions based on risk and long term impact on the lender as well as the customer.

Explanation
City Energy Network is offering loans for the purpose of energy efficiency home improvements including the installation of boilers, insulation or renewable energy systems.  City Energy Network will therefore only offer finance for pre-agreed installations, therefore defining its loan purpose.

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