FAQs and Glossary
An indemnity is a form of guarantee which may be requested by a finance company. If the customer fails to pay an installment, the person who gives the indemnity / guarantor will be required to make the payment instead. Regulated agreements are governed by The Consumer Credit Act.
The amount a lender charges a borrower for the use of money from the lender. For example, if money is borrowed from a lender in the form of a loan, the lender will charge interest for the use of that money. Interest can be charged daily, weekly, monthly or annually.