Glossary of Financial Terms and What They Mean

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What Is a Financial Glossary?

A financial glossary is a curated collection of terms and definitions related to finance, credit, lending, and money management. It serves as a quick-reference guide to help users - whether beginners or seasoned borrowers - understand complex financial jargon in simple, accessible language.

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APR (Annual Percentage Rate)

Annual Percentage Rate includes the rate of interest and other fees charged on a sum borrowed. It is calculated annually by taking into account the total amount borrowed, all the fees associated with the transaction and the time period for which the loan has been taken.

Bad Debt

Bad Debt is that amount of money that has been lent to a person, but can no more be recovered because either the debtor has become bankrupt or has some financial inability to pay.

Bankruptcy

It is a legal term to define the state of a person or business in which they are not able to repay their outstanding debts.

Budget

Budget is the estimation of revenues and expenses for a definite period of time in the future.

Cash Advance

Cash Advance is a short term loan taken from banks or any other lenders. These have very high interest rates or fees, but still look enticing to borrowers because of quick approval and easy funding.

Checking Account

Checking Account is a bank account where customers can deposit or withdraw money through checks, ATMs, or debit cards.

Collection Agency

Collection Agency is an entity used by lenders for recovering their past unpaid debts.

Credit Bureau

Credit Bureau is an agency that collects and researches credit information of various individuals and sells it to creditors.

Credit Check

Credit Check is a process where a lender reviews your credit information to understand your financial behavior.

Credit Counseling

Credit counseling is a process where debtors are assisted with debt settlement by providing financial education.

Credit History

Credit history is a record of all debts and repayments of a borrower.

Credit Limit

A Credit limit is the maximum amount of a line of credit extended to a borrower.

Credit Report and a Credit Score

A credit report is a statement containing information regarding your past credit activities and present credit status.

Credit

Credit is a contractual agreement where one party lends money to another party on the basis of trust.

Creditworthiness

Creditworthiness describes how worthy a borrower is to receive and repay a line of credit.

Debt Avalanche

Debt Avalanche is a debt repayment strategy where the highest interest rate debt is paid first.

Debt Consolidation

Debt consolidation is a process where multiple debts are merged into one single debt.

Debt Settlement

Debt settlement is a process where the debt amount is reduced and considered final settlement.

Debt Trap

A debt trap is a situation where borrowers find it difficult to pay back debts due to high interest rates.

Debt

Debt is the amount of money owed by one party to another.

Debtor

A debtor is an entity that owes money to another entity called the creditor.

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