Glossary - Letter Q

Money Healthcheck knows the finance world is full of terms, phrases, buzz words and jargon. The below terms will help you with terms beginning with the Letter Q

On this page we explain,
Quick Application > Quotes

Quick Application

A quick application one that is acted upon very quickly, a request for finance gets a response back from the lender as quickly as possible. This means that the borrower may have access to the finance within a very short space of time.
This quick response usually happens in finance "shops" because their system is set up and ready to go so when details are entered the lender can access the application. For all intents and purposes the process is virtually automatic and consists of following a pre-set formula. The fact that lenders will probably use pre-set products and terms may mean that the finance does not come with the best rates.
Your own personal circumstances are not taken into account and it can very often be an expensive route to borrowed finance.
The cheaper way of acquiring finance is to apply to a lender who wants to take into account your circumstances and your credit history, this way the lender is more likely to give you better interest rates. Better interest rates means that the finance will cost you less in the long run.

Quotes

A quote will have details of a financial product, it will illustrate the total and present a cost to the customer for the product. A quote will give you a breakdown of the finance product it should includes things such as: the repayments, interest, amount to borrow and the total amount payable on the finance over its full term.
The quote should also take into account the borrowers ability to pay, their credit rating, history and requirements.
An independent agent who is not tied to a particular product or company range should be able to present quotations from several lenders, thus offering the chance to make greater savings.
Any financial products suggested to you should be fully explained and any risks involved should be made clear to you, any further information should be made available should you ask for it. Any financial products suggested to you should be fully explained and any risks involved outlined with further information available.