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A brief description about loans, its hidden cost, difference between
loan & gift, formalities involved while taking loan etc..
is unsecured Loan?
An unsecured loan would do nothing for you but land you into
trouble as you could keep on paying more interest than is your due for
it. If you know what is a personal loan then a personal loan and an
unsecured loan are the same things.
is Defaulter Loan?
When you use a credit card to make a purchase or you take loan for a
lender you agree to a certain set of repayment terms. The repayment
guidelines inform you how and when do you need to repay the amount
whether it is weekly or monthly etc.
is Jumbo Loan?
The housing bubble has been very disappointing for people wanting
to buy their dream homes. The prices of some starter homes in some
places have made people look towards jumbo loans to get the house of
are Pay Day Loan?
Pay day loans are also known as cash advance loans and these are
short term loans with a high rate of interest to generate cash between
payments of wages.
are Conforming Loan?
A loan that conforms to limits set by Fannie Mae and Freddie Mac
is known as a conforming loan. The loan that exceeds these limits is
known as a jumbo loan and carries a higher rate of interest.
is Home Equity Loan?
An owner can access the equity in their primary residence without
having to sell his property such a settlement is known as a home
equity loan. Equity is the amount that is the difference between the
value of the home and what is owed against it.
is Margin Loan?
The loan provided by a brokerage house to customers for the
purpose of buying stocks on credit is known as a margin loan.
is Monthly Statement?
A personalized financial record that keeps the person abreast of
the status of his account is called a monthly statement. This
information is mailed to the recipient nearly around the same date
is Home Equity?
The amount of money already paid by you against the value of your
home is known as home equity. To determine your home equity just
perform a simple calculation subtract the amount of the mortgage
balance from whatever is the present fair market value of your home.
is Debt Relief?
The way you get relief from your debts through various methods like
contacting your creditors for easier repayment options, debt
consolidation or filing of bankruptcy is known as debt relief.
is a Gas Credit Card?
You might feel that buying gas has become very expensive these days.
So if you wish then you can avail a gas credit card that will offer
you a rebate on your purchases of gas.
is the Prime Rate?
The rate at which the banks and lenders give credit to their most
trustworthy customers is known as prime rate. Loan products like
automobile loans and personal loans take the prime rate as the base
is FICO Score?
A method to measure the credit worthiness of a person without actually
having to access the financial history and records of the person is
known as the FICO score.
is an APR?
This is the Annual Percentage Rate that is used to express the cost of
credit. This is the amount that a customer needs to pay yearly for
acquiring credit or loans etc. It is law that the lenders have to
disclose the APR to the customer fully.
is Airline Credit Card?
There are a number of credit cards offering the perk of frequent flier
bonuses. These cards provide you with bonus flier miles depending upon
the amount that you have spent through your card.
is an Internet Bank?
The internet has come as a revolution for all of us. The way we live
our lives has changed completely. There is the opportunity of
shopping, studying and even working from home online.
is a Line of Credit?
Line of credit is also called a credit line or a credit limit. This is
the maximum amount of cash that a bank or lending institution will
lend to some one without asking for additional approval.
is an Adverse Credit History?
You might know adverse credit history by a host
of other names. For instance bad credit history, poor credit history,
impaired credit history etc.
is Bill Consolidation?
When someone transfers all their outstanding loans and debts to one
loan plan for bill consolidation then this process is called bill
are Charge backs?
When financial charges are reversed back in case
of fraudulent or dubious transactions they are known as charge backs.
is Debt Management?
The standard financial definition of debt management is the assistance
of a third party to a debtor in managing their debts and repaying
is a Money Market Account?
The term money market is a generic one that describes a place where
the banks and other financial institutions lend, borrow and trade in
money, certificates of deposit, and other financial instruments.
do I Remove Errors on my Credit Report?
There can be many problems but fewer can be more troubling than errors
on your credit report. This is because they are very hard to rectify
and show for a long time on your report.
is Credit Counseling?
This is one of the alternates to the procedure adopted by people who
are not able to repay their debts, called bankruptcy. Filing
bankruptcy is not so easy any more these days.
is a Wire transfer?
Money that is electronically transferred is called a wire transfer.
There is no actual exchange of cash in this electronic transfer only
the balances in the accounts are adjusted accordingly.
is a sub prime loan?
If someone is unable to get credit through the regular channel of
loans then seeking a sub prime loan is the next option. These loans
are meant for people with bad credit records.
is a spendthrift?
You could be earning what someone can all a dream salary. However if
none of it remains with you at the end of the month it’s completely
useless. The world and life are both unpredictable.
is a Collateral Loan?
A secured loan is known as a collateral loan. Such a kind of a loan is
obtained from a bank or any financial institution and if the loan
amount is not repaid then the collateral can be sold off to obtain the
is a Credit Card?
It may seem like an insignificant little plastic
card that people seem to keep flaunting in their pockets but it is the
end result of a complex banking procedure. The people who have such a
card are allowed to purchase goods at credit upto a certain credit
is an ATM?
Earlier how many times did it use to happen that
you were shopping and ran out of cash? You had to miss out on
something favorite in the sale because you did not have a credit card
is Debt Counseling?
At present times more than ever we seem to find
ourselves in debt. This debt could be of any kind, credit card debt or
whatever. Credit cards are one of the major reasons why people are
finding themselves in debt.
Many people view gift certificates as very convenient gifts.
Gifts certificates are a better option than giving someone cash, but
at the same time the recipient has the advantage of choosing whatever
is Cash Advance?
This is terminology for the credit card world where the card holders
can borrow actual cash against their current balances. For most of the
card users the actual advance that is available is just a small
percentage of their over all credit limit.
is a Checkbook?
A checkbook is that which consists of a supply of preprinted banking
checks. It also consists of a registry that records the payments and
deposits, deposit slips for all incoming checks and currency and a
sleeve that contains a pocket for receipts.
is a Money Order?
If there is a requirement of paying for something and one doesn’t
want to write a personal check then the option is to buy a money
order. Such a method of paying bills is still very popular today and
many people prefer this over a personal check.
is a Credit Bureau?
An organization that tracks the credit histories and other related
information of individuals is known as a credit bureau. Whenever some
applies for seeking some form of credit like housing, employment etc
then the lender can check the borrower’s credit record on file with
the credit bureau.
is a Credit Card Balance Transfer?
When you are in debt applying for a credit card would be a foolish
idea. However there could be one exceptional scenario where in it
could be a good idea where credit card balance transfer is involved.
This facility can be availed by you if you have a mail box and a
social security number.
are Credit Reports?
Reports that contain the financial status of a person and his credit
history and which are used to determine the credit worthiness of
someone are called credit reports.
is a Checking Account?
It is a federally protected account that is provided by banks and
financial institutions to business men etc for the purpose of
depositing and withdrawing money.
are Prepaid Credit Cards?
After applying for a credit card some people are rejected. This
happens because of poor credit history. The major credit cards are
used to make hotel, airline, car rental reservations etc, so the
problem with poor credit history arises over here.