ACH – Method: ACH transfer of funds to and from bank accounts.
Annual Percentage Rate (APR) – The cost of credit expressed as an annual percentage. April is usually the same as the interest rate of the contract.
Balance – The amount of money in circulation in an account.
Bankruptcy – A legal proceedings in the Federal Court of the United States, signed by borrowers who can not pay their debts to enable them to negotiate payment or partial sale of the assets of the borrower to repay the debt partially . The information regarding a volentay or bankruptcy court stay on the borrower’s credit history for up to 10 years.
Budget – A method or plan to manage spending and saving money.
Cap – A limit on the amount may increase a loan adjustable rate mortgage the interest rate.
Cash Advance – a source of emergency cash to people who are employed but can not access other sources of credit. The advance is intended as bridge financing until the next payday. The advance is really a loan, interest is calculated from the date of the advance.
Charge off – A loan or credit card debt written off as uncollectible by the borrower and often the borrower has sold or assigned the debt to a collection agency. However, the debt remains valid and subject to collection.
Current account – Money saved in a bank or savings and loan for safekeeping. Money can be easily withdrawn by check or by lakota cash or debit card.
Warranty or guarantee – An asset pledged to the payment of the debt to secure.
Compound interest – interest on the balance of a loan, which includes balancing the interests of all without pay.
Co-Signer – A person who has a loan agreement with the borrower draws and assumes equal responsibility for payment.
Credit – A promise to pay at a later date for goods or services purchased today.
Credit Application – A written request for credit, usually in the form by the lender. Sometimes a one-time fee is requested to cover. Processing for the cost of the loan
That credit bureau – A company credit histories of potential borrowers collect and provide credit reports to lenders. Lenders use these reports to be made. When making decisions about granting credit The three major credit reporting agencies are Equifax, Experian and TransUnion.
Credit Card – A card issued by a bank authorizing payment of purchases. Interest will be charged on the outstanding balance.
Credit counseling – Professional support by organizations that help consumers find ways to pay your credit and get your financial house in order through careful budgeting and money management.
Credit Limit – The maximum amount that can be charged to a credit card account or credit line.
Line of credit (or credit) – The maximum loan amount a consumer can borrow against your account. As a line of credit is paid fully or partially, the consumer can borrow again against the bill.
Credit Report – A record credit history of a person, including outstanding debt, debt payments, late payments and bankruptcies that are compiled by a credit reporting agency.
Creditor – A person or company you borrow or to whom you owe money.
Debit Card – A card issued by a bank or other institution fianacial and used to make purchases. The purchase amount is deducted directly from your bank account or other accounts.
Debt – money owed to a third party.
Debt Consolidation – a strategy sometimes used by consumers to manage their debt problems better. Instead of paying several separate bills each month, a consumer consolidates your debts with a financial institution that is responsible for alower monthly payment extending over a period of time.
Default – The absence of a loan to pay or otherwise satisfy the terms of a loan agreement.
Crime – If payments are not timely.
Direct Deposit – an electronic transfer of funds to a bank account, so there is no need for a paper check.
Act Equal Credit Opportunity Act – A federal law that prohibits lenders discriminate against credit applicants.
Signature or e-signature electronic signature software binds -Electronic signature, or any other brand, for a specific document. In June 2000, the government of the United States passed the bill VeriSign, which gives electronic signatures the same legality as handwritten
Fair Credit Reporting Act – A federal law gives consumers the right to know what information we have the credit reporting agencies on file about them and dispute any inaccurate information in the file.
Fair Debt Collection Practices Act – A federal law to protect them from harassment or abuse, the use of false or misleading statements or abuse in the consumer debt collection.
Federal Deposit Insurance Corporation (FDIC) – A federal agency that deposits of consumers in a bank or savings and loan guarantees up to $ 100,000 per account. Deposits include checking and savings accounts and certificates of deposit.
Finance Charge – The cost of credit expressed as a dollar amount.
Fixed rate – a rate that does not change during the term of the loan.
Foreclosure – A legal process by which goods or other collateral as security for a loan may be sold to help pay the loan after the borrower has defaulted.
Installment loan – A loan in which the amount of the payment and the number of payments are predetermined.
Interest – The amount a lender charges a customer for borrowing money.
Interest rate – The rate that lenders their borrowers to borrow money. Usually expressed in percent per year.
Verdict – An order from a court in connection with a lawsuit decides who wins and who loses a case in court in civil matters.
Late payment – payment not received a fee for the loan at maturity.
Lease – A contract that enables a user to use an asset, such as a car, in exchange for payment. At the end of the lease term, the asset must be returned.
Lender – A person or company that provides or offers loans to customers. It is also known as a creditor.
Responsible – Having legal responsibility.
Lien – A claim of a creditor on a piece of real estate, or property, to secure payment of a debt.
Loan – A loan to return at a later date with an interest amount back.
Loan Agreement – A contract that spells out the terms and conditions of the loan.
Mortgage Loan – A loan used to purchase real estate. The property serves as security or collateral for the loan.
Public Register – Information obtained from local, state or federal courts that give the history of meeting financial obligations, such as alimony and child support from a person.
Refinancing – Paying off an existing loan with the proceeds from a new loan is usually done to get a lower interest rate.
Repos – forced or voluntary surrender of goods due to the lack of a consumer to pay, as promised a loan.
Right of Rescission – The right of a borrower to cancel a contract within three business days.
Savings account – money in a bank or savings and loan association in detention. Earn interest on the money saved in the account. Savings accounts
Secured Loan – A loan in which a borrower promises to be an asset such as a house or a car that can be sold if the borrower fails to repay the loan.
Security – See collateral.
Simple interest – interest on the outstanding balance of the principal, as long as any part remains unpaid.
Title – A legal document that provides proof of ownership.
Truth in Lending Act – A federal law that requires lenders to the borrowers known the true cost of a loan, including the real interest rate and the terms of the loan, so it is easy to understand.
Unsecured Loan – A loan based only on the promise of the borrower to pay.
Variable rate – Interest rate that changes based on an index such as the prime rate.
Performance – the effective yield paid on a savings account or money market instruments or bonds.