Credit

Auto Finance companies

A company that makes loans to clients.

Garnishment

A court order to an employer to withhold all or part of an employee's wages and to send the money to the court or to the person who won a lawsuit against the employee

Credit Reporting Agency

A credit bureau (U.S.), or credit reference agency (UK) is a company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses.

Credit Limit

A credit limit is the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit

Truth in Lending act of of 1968

A federal law enacted in 1968 with the intention of protecting consumers in their dealings with lenders and creditors. The Truth in Lending Act was implemented by the Federal Reserve through a series of regulations.

Variable Rate

A floating interest rate, also known as a variable rate or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the instrument.

Late Fee

A late fee, also known as a late fine or a past due fee, is a charge levied against a client by a company or organization for not paying a bill or returning a rented or borrowed item by its due date.

Foreclosure

A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the note.

Bankruptcy

A legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common). All of the debtor's assets are measured and evaluated, whereupon the assets are used to repay a portion of outstanding debt.

Co-Signed Loans

A loan co-signer can help you qualify for a larger loan.

Mortgage Brokers

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.

CCCS

A nonprofit agency with offices in a number of states. It offers free or low-cost debt and credit counseling.

Payday Loans

A payday loan (also called a paycheck advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday.

Secured Loans

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.

Interest

A sum paid or charged for the use of money or for borrowing money

Low Credit Rating

An assessment of the credit worthiness of a borrower in general terms or with respect to a particular debt or financial obligation. A credit rating can be assigned to any entity that seeks to borrow money - an individual, corporation, state or provincial authority, or sovereign government. Credit assessment and evaluation for companies and governments is generally done by a credit rating agency such as Standard & Poor's or Moody's. These rating agencies are paid by the entity that is seeking a credit rating for itself or for one of its debt issues. For individuals, credit ratings are derived from the credit history maintained by credit-reporting agencies such as Equifax, Experian and TransUnion.

Credit History

Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy.

Credit Report

Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy.

Consolidation Loans

Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.

Debtors Anonymous

Debtors Anonymous (DA) is a twelve-step program for people who want to stop incurring unsecured debt. Collectively they attend more than 500 weekly meetings in nine countries.

Finance Charge

In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit. It includes not only interest but other charges as well, such as financial transaction fees

Consumer Debt

In economics, consumer debt is outstanding debt of consumers, as opposed to businesses or governments. In macroeconomic terms, it is debt which is used to fund consumption rather than investment.

Unsecured Loans

In finance, unsecured debt refers to any type of debt or general obligation that is not collateralised by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation.

Variable Interest

Interest rates fluctuating up or down according to current cost of money.

Grace Period

It is defined as an interval between the commitment date and the date of the first payment of principal

PIN

PIN stands for personal identification number. "PIN number" is redundant because you don't need to say "number" twice. You use your PIN number to verify your identity. It is a secret number that you use to access your bank accounts.

Predatory Lending

Predatory lending describes unfair, deceptive, or fraudulent practices of some lenders during the loan origination process.

Tax Preparers

Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services.

Balance owed

The amount outstanding.

APR

The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction.

Minimum Amount Due

The dollar amount that a student must pay to become registered at MSU for a particular semester, and to avoid late fees and possible disenrollment. This figure is reflected on the registration bill, the first billing statement of each semester.

Fixed interest Rate

The rate of interest you pay on a loan that is fixed for a set period of time. If you borrow at a time when interest rates are low then you will continue to benefit from the low rate agreed at the time you borrowed even if interest rates rise.

Minimum Payment

This is the smallest amount an employer is allowed to pay into a contracted out money purchase scheme. This amount will give the protected rights.

3 C's of Credit

Your credit score is a measure of factors that may affect your ability to repay credit. It's a complex formula that takes into account how you've repaid previous loans, any outstanding debt, and your current salary.

Charge Cards

a credit card for use with an account that must be paid when a statement is issued.

Credit Score

a number assigned to a person that indicates to lenders their capacity to repay a loan.

Pawn Shops

a pawnbroker's shop, esp. one where unredeemed items are sold to the public.

Penalty

a punishment imposed for breaking a law, rule, or contract.

Credit Cards

a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.

Pawn Ticket

a ticket issued by a pawnbroker in exchange for an article pawned, bearing particulars of the loan.

Line of Credit

an amount of credit extended to a borrower.

Cash Advances

an amount paid before it is earned

Credit Rating

an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings.

Revolving Credit

credit that is automatically renewed as debts are paid off.

Default

failure to fulfill an obligation, esp. to repay a loan or appear in a court of law.

Home Equity Loans

home loan: a loan secured by equity value in the borrower's home

Installment Loans

installment credit: a loan repaid with interest in equal periodic payments

Title for Goods

ownership of real property which is totally free of claims against it and therefore can be sold, transferred, or put up as security

Prepayment

payment in advance

Collateral

something pledged as security for repayment of a loan, to be forfeited in the event of a default.

Overspending

spend more than the expected or allotted amount.

Liquidation

termination of a business operation by using its assets to discharge its liabilities

Ownership

the act, state, or right of possessing something.

Repossession

the action of regaining possession

Mortgage

the charging of real (or personal) property by a debtor to a creditor as security for a debt (esp. one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.

Due Date

the date on which something falls due, esp. the payment of a bill or the expected birth of a baby.

Identity Theft

the fraudulent acquisition and use of a person's private identifying information, usually for financial gain.

Usury

the illegal action or practice of lending money at unreasonably high rates of interest.

Lien

the right to take another's property if an obligation is not discharged