Home > Definitions
APR (Annual Percentage Rate): The total cost of credit expressed as a yearly rate, including interest and fees. Note: This is different from the contract interest rate.
Balance: The amount of money currently available in your bank account.
Bankruptcy: A legal process in federal court initiated by a borrower who is unable to repay debts. It may involve negotiating partial payments or selling assets. Bankruptcy can remain on your credit report for up to 10 years.
Budget: A plan for managing spending and saving money.
Caps: Limits on how much the interest rate can increase on an adjustable-rate mortgage.
Cash Advance: A short-term loan intended to cover emergency expenses until your next payday. Interest is charged from the date the advance is made.
Charge-Off: A debt (credit card or loan) that a lender has written off as uncollectible. The debt may still be sold to a collection agency, and you are still responsible for repaying it.
Checking Account: A bank account where you can deposit and withdraw money easily using checks or ATMs.
Collateral: An asset pledged to secure a loan, ensuring repayment. Also known as security.
Compound Interest: Interest calculated on the initial principal and any accumulated interest.
Co-signer: Someone who signs a loan agreement with the borrower, sharing responsibility for repayment.
Credit: The ability to obtain goods or services now and pay for them later.
Credit Bureau: An organization that collects and provides credit information on consumers to lenders. Experian, Equifax, and TransUnion are the major credit bureaus in the United States.
Credit Card: A payment card issued by a bank that allows you to make purchases on credit. Interest is charged on outstanding balances.
Credit Counseling: Services offered by organizations to help consumers improve their credit and manage their finances.
Credit Limit: The maximum amount you can charge on a credit card or line of credit.
Credit Line: A revolving line of credit that allows you to borrow money up to a certain limit, repay it, and borrow again.
Credit Report: A record of your credit history, including payment history, outstanding debts, bankruptcies, and late payments.
Creditor: A person or business to whom you owe money.
Debit Card: A card issued by a bank that allows you to make purchases that are directly deducted from your checking account.
Debt: The total amount of money owed to lenders.
Debt Consolidation: Combining multiple debts into a single loan or payment plan, often to simplify repayment.
Default: Failure to repay a loan or meet the terms of the loan agreement.
Delinquency: Failure to make payments on time.
Direct Deposit: An electronic transfer of funds directly into your bank account.
Equal Credit Opportunity Act: A federal law that prohibits discrimination in lending.
E-Signature: An electronic signature used to sign documents.
Fair Credit Reporting Act: A federal law that gives you the right to access and dispute inaccuracies in your credit report.
FDIC (Federal Deposit Insurance Corporation): A federal agency that insures deposits in banks and savings associations up to $250,000 per depositor, per insured bank.
Finance Charge: The total cost of credit expressed in dollars.
Fixed Interest Rate: An interest rate that remains constant throughout the term of the loan.
Foreclosure: A legal process where a lender takes possession of a property due to the borrower’s failure to repay the loan.
Installment Loan: A loan that is repaid in regular payments over a set period.
Interest: The fee charged by a lender for borrowing money.
Interest Rate: The percentage charged by a lender for borrowing money, expressed as an annual rate.
Judgment: A court order resolving a lawsuit and determining who wins the case.
Late Payment Fee: A fee charged for payments received after the due date.
Lease: A contract that allows you to use an asset (e.g., a car) for a specified period in exchange for payments.
Lender: A person or business that provides loans.
Liable: Legally responsible.
Lien: A legal claim on property to secure payment of a debt.
Loan: An amount of money borrowed with the promise of repayment, plus interest.
Loan Agreement: A contract outlining the terms and conditions of a loan.
Mortgage Loan: A loan used to purchase real estate, with the property serving as collateral.
Public Record: Information from federal, state, or local sources detailing a person’s financial obligations.
Refinance: To replace an existing loan with a new loan, often to obtain a lower interest rate.
Repossess: To take back property due to the borrower’s failure to repay the loan.
Right of Rescission: The right to cancel a contract within a specified period (usually three business days).
Savings Account: A bank account that earns interest on deposited funds.
Secured Loan: A loan backed by collateral, such as a car or home.
Simple Interest: Interest calculated only on the principal amount.
Title: A document proving ownership of property.
Truth in Lending Act: A federal law requiring lenders to disclose the terms and costs of credit in a clear and understandable manner.
Unsecured Loan: A loan not backed by collateral, based on the borrower’s creditworthiness.
Variable Interest Rate: An interest rate that can change over time based on market conditions.
Yield: The effective rate of return on an investment, such as a money market account or bond.
Important Information: Please Review Carefully
If you are experiencing significant financial hardship, exploring alternative solutions or seeking advice from a qualified financial advisor is strongly recommended.
This website utilizes Site Visit Recording Technology to document interactions, including tools provided by third-party services like Jornaya’s LeadiD. By using this website and submitting your information, you agree to the use of this technology.
The owner of this website is not a lender, nor are they affiliated with any lending institution. We do not accept loan applications or participate in any lending-related activities, such as making credit decisions, arranging loans, or managing loan payments. Submitting your information through this site is simply a request to be matched with financial service providers who may be able to assist with your financial needs. These providers are solely responsible for evaluating your credit application, verifying your information, and making independent credit decisions.
The services offered on this website are purely administrative in nature (commonly known as “lead generation”) and are provided to you at no cost. Lenders and other financial service providers compensate us for connecting them with consumers seeking financial services. This often operates on a competitive bidding system, similar to Google AdWords, where the provider offering the highest bid is connected with the consumer.
In certain instances, you may have the option to connect with a tribal lending entity (“TLE”). Please be aware that TLEs operate under tribal and specific federal laws, exempt from state laws, including those related to interest rate limits. If you choose to engage with a TLE, it is important to understand that their rates and fees may be higher than those of state-licensed lenders. Furthermore, TLEs may require you to resolve any disputes within a tribal jurisdiction. It is essential to carefully review and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to decline any loan offer that you cannot afford to repay or that contains unacceptable terms.
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By submitting your information through this website, you consent to allow us and our network of lenders to conduct a credit check, which may involve verifying your Social Security number, driver’s license number, or other forms of identification, as well as evaluating your creditworthiness.
These credit checks are typically conducted through major credit bureaus such as Experian, Equifax, and TransUnion, but may also include alternative credit reporting agencies like Clarity, DataX, or others. You also authorize us to share your information and credit history with our network of lenders and other relevant service providers.
Our lenders provide loans with Annual Percentage Rates (APRs) of 35.99% or lower. For eligible consumers, the maximum APR (including interest rates, fees, and other associated costs) is capped at 35.99%. All loans are subject to approval by the lender, based on their individual underwriting standards.
Example: For a loan of $4,300.00 with an APR of 35.99%, repaid over 30 monthly installments, the monthly payment would be $219.36, and the total amount payable would be $6,581.78. Loans have a minimum repayment period of 12 months and a maximum of 30 months.
Please note that this service is not available in all states.
Lender’s Disclosure of Terms
When a lender chooses to extend a loan offer to you, they are legally obligated to provide documentation outlining all fees and interest rate information associated with the loan. This includes any potential charges for late payments, as well as the terms for refinancing, renewing, or rolling over your loan, if permitted by law. Loan fees and interest rates are determined solely by the lender or financial service provider, based on their internal policies, underwriting criteria, and applicable legal requirements. We have no knowledge of or control over the specific loan terms offered to you.
The Impact of Late Payments on Your Credit Score
It is important to be aware that missing a payment or making a late payment can have a negative impact on your credit score. To protect yourself and your credit history, ensure that you only accept loan terms that you are confident you can repay. If you anticipate being unable to make a payment on time, contact your lender immediately to discuss available payment options.
