| No. | Item | Definition |
|---|---|---|
| 1. | accrue | build up over time |
| 2. | affordability | ability to manage payments |
| 3. | amortization | gradual repayment over time |
| 4. | annual fee | yearly account charge |
| 5. | application | request for a loan |
| 6. | approval | lender agrees to lend |
| 7. | APR | yearly borrowing cost percentage |
| 8. | arrears | overdue unpaid amounts |
| 9. | balance | amount still owed |
| 10. | bank | financial institution holding money |
| 11. | bankruptcy | legal process for overwhelming debt |
| 12. | borrower | person receiving borrowed money |
| 13. | bounced payment | payment rejected for insufficient funds |
| 14. | broker | intermediary arranging a loan |
| 15. | budget | plan for spending and saving |
| 16. | charge-off | debt marked unlikely to be repaid |
| 17. | co-borrower | another borrower on the loan |
| 18. | co-signer | person sharing repayment responsibility |
| 19. | collateral | property securing a loan |
| 20. | collection | effort to recover unpaid debt |
| 21. | collector | person or agency collecting debt |
| 22. | consolidation | combining debts into one |
| 23. | credit | ability to borrow money |
| 24. | debt | money owed to someone |
| 25. | default | failure to repay as agreed |
| 26. | deferment | temporary delay of payments |
| 27. | delinquent | past due on payments |
| 28. | disclosure | required loan information provided |
| 29. | documentation | papers supporting your application |
| 30. | down payment | upfront amount paid at purchase |
| 31. | due date | date payment must arrive |
| 32. | eligibility | meeting borrowing requirements |
| 33. | emergency fund | savings for unexpected costs |
| 34. | equity | value owned beyond debt |
| 35. | escrow | held funds for later payment |
| 36. | extension | extra time to repay |
| 37. | fee | extra charge for a service |
| 38. | financing | providing money for purchase |
| 39. | fixed rate | interest rate stays unchanged |
| 40. | forbearance | temporary pause or reduction |
| 41. | foreclosure | lender takes mortgaged property |
| 42. | fraud | dishonest use of identity or funds |
| 43. | grace period | extra time before penalty |
| 44. | gross income | income before deductions |
| 45. | guarantor | person promising to repay |
| 46. | hard inquiry | credit check affecting score |
| 47. | hardship | financial difficulty affecting payment |
| 48. | identity theft | stealing personal financial identity |
| 49. | index | benchmark used to set rates |
| 50. | inquiry | request to check credit |
| 51. | installment | one scheduled partial payment |
| 52. | insurance | protection against covered losses |
| 53. | interest | cost charged for borrowing money |
| 54. | late fee | charge for overdue payment |
| 55. | lender | person or company lending money |
| 56. | liability | legal responsibility for debt |
| 57. | lien | legal claim on property |
| 58. | line of credit | reusable borrowing limit |
| 59. | loan | money borrowed and repaid later |
| 60. | margin | extra percentage above index |
| 61. | maturity | date final payment is due |
| 62. | minimum payment | smallest allowed payment amount |
| 63. | modification | change to loan terms |
| 64. | mortgage | home loan secured by property |
| 65. | net income | income after deductions |
| 66. | notice | formal warning or information |
| 67. | NSF | not enough money in account |
| 68. | origination fee | fee to create the loan |
| 69. | overdraft | spending more than available balance |
| 70. | payday loan | short-term high-cost small loan |
| 71. | payment | amount paid regularly |
| 72. | payoff | amount needed to clear debt |
| 73. | penalty | charge for breaking terms |
| 74. | personal loan | loan for personal expenses |
| 75. | prepayment | paying before due date |
| 76. | principal | original amount borrowed |
| 77. | promissory note | written promise to repay |
| 78. | rate | percentage charged on a loan |
| 79. | receipt | proof of payment made |
| 80. | refinance | replace loan with new one |
| 81. | repayment | paying borrowed money back |
| 82. | repossession | lender takes financed item back |
| 83. | rollover | moving debt into new period |
| 84. | routing number | bank identifier for transfers |
| 85. | savings | money kept for future use |
| 86. | service fee | charge for account service |
| 87. | servicer | company managing your loan |
| 88. | settlement | agreement to pay less |
| 89. | simple interest | interest on principal only |
| 90. | soft inquiry | credit check not affecting score |
| 91. | student loan | loan for education costs |
| 92. | term | length of the loan |
| 93. | title | legal ownership document |
| 94. | underwriting | review of lending risk |
| 95. | unsecured | not backed by collateral |
| 96. | utilization | share of credit being used |
| 97. | variable rate | interest rate can change |
| 98. | verification | checking submitted information |
| 99. | waiver | official decision not to charge |
| 100. | windfall | unexpected money received |
