Payday Loans Online - Cash Advance Terms

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Payday Loan Terms / Cash Advance Services


amortize definition
amortize definition, Amortize is a term used for thethe process of paying off a loan over a predetermined period of time at a specific interest rate. The amortization of a loan includes payment of interest and a portion of the outstanding principal balance during each payment cycle. - Payday Loans / Cash Advance

appreciation definition
appreciation definition, Appreciation is an increase in the value of a property due to changes in market conditions or other causes. Appreciation is the opposite of depreciation. - Payday Loans / Cash Advance

APR annual percentage rate definition
APR annual percentage rate definition, APR or annual percentage rate is a measurement used to compare different loans offered by competing lenders, which takes into account both the interest rate and closing fees. APR includes specific costs of financing, both those paid at the time of closing and those paid over the term of the loan. - Payday Loans / Cash Advance

asset definition
asset definition, Asset is anything having commercial or exchange value that is owned by a business, government, institution, or individual. Assets are any possessions that have value in an exchange. The primary classifications of assets are: current assets, long-term assets, prepaid and deferred assets, and intangible assets. - Payday Loans / Cash Advance

assumption definition
assumption definition, Assumption is an agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money since this is an existing mortgage debt. - Payday Loans / Cash Advance

average daily balance definition
average daily balance definition, Average Daily Balance is a method used to calculate finance charges. Average daily basis is calculated by adding the outstanding balance on each day in the billing period, and dividing that total by the number of days in the billing period. The calculation includes new purchases and payments. - Payday Loans / Cash Advance

bad credit definition
bad credit definition, Bad Credit is a term used to describe a poor credit rating. Common practices that can damage a credit rating include making late payments, skipping payments, exceeding card limits or declaring bankruptcy. Bad Credit can result in being denied credit. - Payday Loans / Cash Advance

balance transfer definition
balance transfer definition, Balance Transfer refers to the moving a balance (debt) from one credit card to another. This is often done with special checks or forms, or may be offered as an option on some credit card applications. The usual reason is to shift an ongoing debt to an account with a lower interest rate. - Payday Loans / Cash Advance

basis point definition
basis point definition, Basis point is the smallest measure used for quoting yields. One basis point is 0.01 percent of a bond’s yield. Basis points also are used for interest rates. An interest rate of 5 percent is 50 basis points greater than an an interest rate of 4.5 percent. - Payday Loans / Cash Advance

beacon score definition
beacon score definition, Beacon Score is the credit score that creditors look at when determining if one is credit worthy. One’s beacon score is determined by negative entries such as late payments which would decrease the score or a positive, timely payment history on accounts which would increase the score. - Payday Loans / Cash Advance

billing cycle definition
billing cycle definition, Billing Cycle is the number of days between statement dates. Billing cycle is generally about 25 days. - Payday Loans / Cash Advance

blank check definition
blank check definition, A blank check is one that gives the loan recipient flexibility and convenience when shopping for a vehicle. The check is valid up to an agreed upon amount and there's no obligation to use the check. - Payday Loans / Cash Advance

buydown definition
buydown definition, Buydown is a lump sum payment made to the creditor by the borrower or by a third party to reduce the amount of some or all of the consumer's periodic payments to repay the indebtedness. - Payday Loans / Cash Advance

cash advance loan definition
cash advance loan definition, Cash Advance Loan is a loan where a borrower gets cash advanced based on his paycheck (also known as a payday loan). - Payday Loans / Cash Advance

closed end credit definition
closed end credit definition, Closed-end Credit is any loan or credit sale agreement in which the amounts advanced, plus any finance charges, are expected to be repaid in full over a definite time. Most real estate and automobile loans are closed-end agreements. - Payday Loans / Cash Advance

collateral definition
collateral definition, Collateral is a term used for assets that a borrower is obliged to turn over to a lender if unable to repay a loan. Usually, the property itself is the collateral for a property loan. Collateral recovers all or part of a debt, if repayment of the loan is not forthcoming. - Payday Loans / Cash Advance

conditionalities definition
conditionalities definition, Conditionalities are extra requirements other than repayment (such as structural adjustment policies) demanded by the lender before new loans are granted. - Payday Loans / Cash Advance

cosigner definition
cosigner definition, Cosigner is another person who signs for a loan and assumes equal liability for it. - Payday Loans / Cash Advance

credit definition
credit definition, Credit is the promise to pay in the future in order to buy or borrow in the present. - Payday Loans / Cash Advance

credit card definition
credit card definition, Credit Card is any card, plate, or coupon book that may be used repeatedly to borrow money or buy goods and services on credit. - Payday Loans / Cash Advance

credit history definition
credit history definition, Credit History is a record of how a person has borrowed and repaid debts. - Payday Loans / Cash Advance

credit scoring system definition
credit scoring system definition, Credit Scoring System is a statistical system used to determine whether or not to grant credit by assigning numerical scores to various characteristics related to creditworthiness. - Payday Loans / Cash Advance

creditworthiness definition
creditworthiness definition, Creditworthiness is a creditor's measure of a consumer's past and future ability and willingness to repay debts. - Payday Loans / Cash Advance

default definition
default definition, Defult means failure to make payments on a timely basis or to comply with other conditions of a loan. Defaults are reported to national reporting agencies, which may affect future creditworthiness. - Payday Loans / Cash Advance

depreciation definition
depreciation definition, Depreciation is an accounting and tax concept used to estimate the loss of value of assets over time. - Payday Loans / Cash Advance

discharge definition
discharge definition, Discharge is a legal terms meaning a court has erased a person’s debt(s) not to be confused with a charge off or write off which is an accounting term which does not erase debts. - Payday Loans / Cash Advance

equity definition
equity definition, Equity is the value of the owner’s investment in the business. On the Balance Sheet, Equity is calculated by subtracting Total Assets from Total Liabilities and is written on the liability side of the Balance Sheet. - Payday Loans / Cash Advance

fixed rate definition
fixed rate definition, Fixed Rate is a traditional approach to determining the finance charge payable on an extension of credit. A predetermined and certain rate of interest is applied to the principal. - Payday Loans / Cash Advance

graduated payment definition
graduated payment definition, Graduated Payment refers to the repayment terms calling for gradual increases in the payments on a closed-end obligation. A graduated payment loan usually involves negative amortization. - Payday Loans / Cash Advance

interest definition
interest definition, Interest is the amount paid by a borrower to a lender for the privilege of borrowing the money. - Payday Loans / Cash Advance

interest rate definition
interest rate definition, Interest Rate is the rate of return the lender receives for permitting the borrower to use the mortgage money for a specified term. The interest rate is usually expressed as an annual percentage rate, calculated semi-annually, not in advance. - Payday Loans / Cash Advance

liabilities definition
liabilities definition, Liability is a financial obligation, debt, claim or potential loss. Usually debt on terms of less than five years is called short-term liabilities, and debt for longer than five years in long-term liabilities. - Payday Loans / Cash Advance

lien definition
lien definition, Lien is a claim on property to prevent the sale or transfer of that property until a debt is paid. The lien may be enforced or collected by levying on the property. A lien does not convey ownership of the property, but gives the lienholder a right to have his or her debt satisfied out of the proceeds of the property if the debt is not otherwise paid. - Payday Loans / Cash Advance

liened property definition
liened property definition, Liened property is a property that has an outstanding loan obligation. The Certificate of Title for the property lists the individual(s) as the registered owner with the lender listed as the lienholder. - Payday Loans / Cash Advance

lien free definition
lien free definition, Lien-free is a term used for a property that is owned outright by an individual(s), listing that individual(s) on the title as the registered owner. There is no outstanding loan obligation on a lien-free property. - Payday Loans / Cash Advance

loan to value ratio definition
loan to value ratio definition, Loan-to-Value or LTV ratio is the relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage. - Payday Loans / Cash Advance

monthly payment definition
monthly payment definition, Monthly payment is the combined principal and interest owed on a loan, paid on a monthly basis over the loan term. - Payday Loans / Cash Advance

negative equity definition
negative equity definition, Negative equity refers to a situation when the value of the property is less than the amount outstanding on a mortgage. Negative equity occurs when the property value has fallen below the amount of mortgage still owing. - Payday Loans / Cash Advance

net worth definition
net worth definition, Net worth is the amount by which total assets exceed total liabilities. Also known as shareholder’s equity or book value, net worth is what would be left over for shareholders if the company were sold and its debt retired. - Payday Loans / Cash Advance

open end credit definition
open end credit definition, Open-end Credit is a line of credit that may be used repeatedly up to a certain limit, also called a charge account or revolving credit. - Payday Loans / Cash Advance

open end lease definition
open end lease definition, Open-End Lease is a lease that may involve a balloon payment based on the value of the property when it is returned. Open-end lease is also called finance lease. - Payday Loans / Cash Advance

overdraft checking account definition
overdraft checking account definition, Overdraft Checking Account is a checking account associated with a line of credit that allows a person to write checks for more than the actual balance in the account, with a finance charge on the overdraft. - Payday Loans / Cash Advance

payday loans definition
payday loans definition, Payday loans are provided to people as a cash advance, when they need quick money. Payday loans can be used by consumers to pay off debts such as utility bills or emergency car repairs when the cash flow is not readily available from their bank accounts. - Payday Loans / Cash Advance

points definition
points definition, Points refers to the finance charges paid by the borrower at the beginning of a loan in addition to monthly interest. Each point equals one percent of the loan amount. - Payday Loans / Cash Advance

principal definition
principal definition, Principal is the amount of money borrowed or remaining unpaid on a loan. Interest is charged as a percentage of the principal amount. - Payday Loans / Cash Advance

renegotiable rate definition
renegotiable rate definition, Renegotiable Rate is a type of variable rate involving a renewable short-term balloon note. The interest rate on the loan is generally fixed during the term of the note, but when the balloon comes due, the lender may refinance it at a higher rate. In order for the loan to be fully amortized, periodic refinancing may be necessary. - Payday Loans / Cash Advance

reschedule definition
reschedule definition, Reschedule refers to the revised timetable for loan repayments, usually granting longer repayment periods and often involving new loans to pay old ones. - Payday Loans / Cash Advance

rollover definition
rollover definition, Rollover your payday loan and you can extend or renew the loan by paying the fees for the next two weeks, or until your next payday. - Payday Loans / Cash Advance

security interest definition
security interest definition, Security interest is the creditor’s right to take the assets you offered as security. - Payday Loans / Cash Advance

sellers points definition
sellers points definition, Seller's Points refers to the lump sum paid by the seller to the buyer's creditor to reduce the cost of the loan to the buyer. This payment is either required by the creditor or volunteered by the seller, usually in a loan to buy real estate. Generally, one point equals one percent of the loan amount. - Payday Loans / Cash Advance

service charge definition
service charge definition, Service Charge is a component of some finance charges, such as the fee for triggering an overdraft checking account into use. - Payday Loans / Cash Advance

simple interest definition
simple interest definition, Simple interest is a charge for the use of money which is calculated on a periodic basis as a percentage of the principal borrowed. - Payday Loans / Cash Advance

statement definition
statement definition, Statement refers to the monthly bill from a credit card issuer that describes and summarizes the activity on an account. A statement includes the outstanding balance, purchases, payments, credits, finance charges and other transactions for the month. - Payday Loans / Cash Advance

statement date definition
statement date definition, Statement Date is the date on which a statement is generated and the month's finance charges (interest) are added to the balance. - Payday Loans / Cash Advance

surcharge definition
surcharge definition, Surcharge is an extra charge imposed on those who purchase with a credit card instead of cash. - Payday Loans / Cash Advance

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Payday Loans - Definitions and Terms of Use

Payday loans provide cash advances to people in need of quick money. The payday loan store (or online pay day provider) can assist consumers in paying off debts such as utility bills or emergency car repairs when the cash flow is not readily available from their bank accounts.

Payday Loans - Definitions / Terms for Cash Advances and Business Financing - ©2004 HJ Ventures International, Inc.