Term
| Assignment of Savings Account |
|
Definition
| A loan for which the borrower's savings account serves as collateral. |
|
|
Term
|
Definition
| A financial institution's provision to extend credit (up to a predetermined limit) to cover an overdrawn checking account. |
|
|
Term
|
Definition
| A feature of a bank card that enables the holder to obtain cash from a bank on request while increasing his bank card account debt by that amount. |
|
|
Term
|
Definition
| A home loan in which the property serves as collateral. |
|
|
Term
|
Definition
| A loan secured on a home (that already has a first mortgage) with the equity of the house serving as collateral. |
|
|
Term
|
Definition
| The increased value of a home (because of inflation or improvements) beyond the amount owed on any outstanding mortgage. |
|
|
Term
| Consumer Finance Companies |
|
Definition
| Finance companies that make secured & unsecured personal loans & debt consolidation loans to the general public. |
|
|
Term
|
Definition
| A loan considered as consumption borrowing for personal wants or needs. |
|
|
Term
|
Definition
| A loan used to pay all the borrower's outstanding debts so that his monthly payments may be reduced to that of one loan payment. |
|
|
Term
|
Definition
| Subsidiary companies created by large corporations to provide credit for the purchase of the corporation's products. |
|
|
Term
|
Definition
| People who make small loans at rates of high interest, taking valuable merchandise as collateral. |
|
|
