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Redress is also referred to as Compensation.  
They are either:

  • a payment made to a customer for a loss; or
  • a payment for damages awarded by a court or agreed between parties.

Used when talking about settlements.

Representative APR

The rate of interest payable on borrowing is often decided by a person’s credit score and status. To indicate an example of an APR firms show a "Representative APR" in advertising. This is the advertised APR that a minimum percentage of customers (who are accepted) will pay. Under current EU rules, this minimum percentage is 51%.

So, if a loan is advertised as being 7.5% representative APR, this means at least 51% of accepted applicants will get the rate of 7.5%, and the remainder may get a different rate (likely to be higher).

Right of Withdrawal

Another term for statutory cancellation rights. It is also referred to as Cooling Off.

How long you've got to change your mind after signing a credit agreement. Usually 14 days.

Customers have the right to withdraw from any loan agreement by contacting us and telling us they wish to cancel the loan. This must be done within 14 days of receiving the signed loan agreement. Customers must repay all of the loan and any interest that has accrued on that loan within 30 days of telling us that they wish to cancel it.


Risk has three different meanings depending on the context it is used in. 

Used when talking about personal finance.

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