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Wise 161-180

epf terms

TermDefinition
Lien A legal right or interest that a lender has in the borrower's property, granted until the debt obligation is satisfied.
Credit limit The maximum amount of credit that a lender will extend to a borrower.
Line of credit A flexible loan from a financial institution that allows the borrower to draw funds up to a specified limit.
Liquidation The process of selling off assets to pay debts.
Low credit rating A poor assessment of a borrower's creditworthiness, often resulting in higher interest rates.
Minimum amount due The smallest amount that must be paid on a credit account to avoid penalties.
Minimum payment The least amount of money that must be paid on a credit card account each month.
Mortgage A loan specifically used to purchase real estate, secured by the property itself.
Mortgage brokers/lenders Individuals or companies that help borrowers find and secure mortgage loans.
Overspending Exceeding one's budget or financial limits, often leading to debt.
Ownership The state of having legal rights to a property or asset.
Pawn ticket A receipt given by a pawn shop to a customer who pawns an item.
Payday loans Short-term, high-interest loans typically due on the borrower's next payday.
Penalty A fee imposed for violating the terms of a loan or credit agreement.
PIN Personal Identification Number; a numeric password used to authenticate a user.
Predatory lending The practice of lenders targeting vulnerable borrowers with unfair loan terms.
Prepayment The act of paying off a loan before its due date.
Promotional Rate A temporary interest rate offered to attract borrowers.
Repossession The act of taking back property by a lender when the borrower defaults on a loan.
Revolving credit A type of credit that allows the borrower to use credit repeatedly up to a limit.
Created by: moonpool13
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