Interest

You will be aware that the cost of living is increasing, but what does it mean, why is it happening, and what can you do? Here we explain.

The ‘cost of living’ is a frequently used term that refers to the amount of money people need to cover basic expenses, such as housing, food, energy bills, and healthcare.

As is often the case when it comes to finance, the world of loans seems to have its own language and can get complicated, very quickly.

Here we aim to explain some of the language and answer some of the common questions about loans, to help you if the need to borrow money ever arises.

What is a loan?

Loans come in all shapes and sizes; from a friend lending you £5, to a mortgage to buy a home. However, the principle of all loans is the same. A loan is an agreement between you and a lender where they give you money, and you agree to pay it back.