• Annual Percentage Rate (APR)

    The annual percentage rate is the interest cost(s) and fee(s) that are charged on a loan. See also: interest

  • Asset

    An asset is anything that has value that an individual or family owns.

  • Bad Credit

    An indication that the borrower is an unsafe credit risk.

  • Balance

    The balance refers to the remaining portion of the loan left to repay. See also: principal

  • Bankruptcy

    Bankruptcy is a legal status that can occur to a borrower when they are unable to pay back their debt. Bankruptcy status will show up on a borrower’s credit history...

  • Cash Advance Loan

    A cash advance loan is a predetermined cash loan amount that helps individuals between pay periods. See also: payday loan

  • Credit Bureau

    A credit bureau is a credit reporting agency that collects individuals’ credit related information and reports it to financial institutions and credit card companies. See also: credit history, credit score,...

  • Credit Check

    A credit check is the process of evaluating a potential borrower’s credit history to determine their credit risk and their creditworthiness. See also: credit history, credit report, credit score

  • Credit History

    Credit history is a borrower’s record of all their debts that shows the status and repayment history of their debts. See also: credit score, credit report, credit bureau

  • Credit Report

    A credit report is a detailed report of a borrower’s credit history that is looked at by lenders to determine a borrower’s credit risk and their creditworthiness. It is prepared...

  • Credit Score

    A credit score, also known as FICO score, is a number that most lenders use to determine a borrower’s credit risk and their creditworthiness. Credit scores range from 350 to...

  • Debt Consolidation Loan

    A loan offered to consolidate multiple loans. This makes it easier for borrowers to repay their debt by typically offering a lower payment on a monthly schedule.

  • Default

    A loan is in default when a borrower is not able to make the payments. This is often reported to the credit bureau. See also: bankruptcy, credit bureau

  • Earnings

    The amount of money, after taxes, a person produces in a specific time period.

  • FICO Score

    A FICO score, also known as a credit score, is a number based on information from consumer credit reports that lenders use to determine a borrower’s credit risk and their...

  • Finance Charge

    A finance charge is any fee that represents the cost of credit, typically in the form of interest. See also: interest

  • Good Credit

    An indication that the borrower is a safe credit risk.

  • Gross Income

    A persons income before taxes.

  • Home Insurance

    A type of property insurance meant to protect the owner’s home from damage.

  • Home Mortgage

    A loan given for the purchase of a residence.

  • Identity Theft

    The crime of stealing personal or financial information in order to make transactions fraudulently.

  • Interest

    The interest of a loan is essentially the cost of borrowing a loan. It is usually a percentage of the loan amount that the borrower will pay through the course...

  • Joint Account

    An account that is shared between two or more people.

  • Joint Return

    Filing federal income tax as a married couple and creating a combined tax liability.

  • Loan

    An amount of money borrowed from a lender which is to be paid back with interest. See also: cash advance loan, payday loan, principal, balance

  • Loan Limit

    A loan limit is a cap on the principal amount of a loan that is set depending on a borrower’s ability to repay. See also: principal, balance

  • Loan Term

    A loan term is the amount of time a borrower has to make payments before the full loan amount is due. See also: loan limit, balance, principle

  • MoneyGram®

    A service offered to send money to other locations.

  • Money Management

    The practice of managing the spending of personal income.

  • Monthly Payments

    Payments made on a monthly basis from a borrower to a lender. See also: balance, principal, loan

  • Mortgage

    A loan given for the purchase of property.

  • Nest Egg

    An amount of money saved or invested to be used for a specific purpose, usually a long term objective like retirement.

  • Net Income

    A persons income after taxes and other deductions.

  • Nix Lending

    A chain of neighborhood lenders that offer payday cash advance loans, prepaid debit cards, insurance services, money transfers and more. Owned by Kinecta Federal Credit Union.

  • Not For Profit

    An organization that does not earn profits for its owners.

  • Online Banking

    Banking transactions that take place online.

  • Online Eligibility

    A process to determine if a borrower is eligible for a loan online or through a website.

  • Online Services

    Services offered to consumers online or through a website.

  • Payday Cash Advance Loan

    A predetermined cash loan amount that helps individuals between pay periods.

  • Payday Loan

    A payday loan is a predetermined cash loan amount that helps individuals between pay periods. See also: cash advance loan

  • Payday Payoff

    A loan offered to help consolidate multiple payday loans.

  • Prepaid Card

    A prepaid card is a card that is loaded with money that you have paid for in advance. It looks and works like the typical debit or credit card. It...

  • Principal

    The principal of a loan is the actual amount of money that is borrowed, not including fees or interest. See also: balance

  • Qualified

    A person who a lender has deemed a safe credit risks and awards them with a loan or line of credit.

  • Quarter

    The year as split into four three month periods. Generally referred to as Q1, Q2, Q3 and Q4.

  • Refund

    The repayment of an individual’s money, usually after the return of a product or upon an unsatisfactory service.

  • Renter’s Insurance

    Insurance offered to protect the renter’s personal property within a rented residence.

  • Save

    The act of setting aside money for future use.

  • Savings Account

    An account that is used for saving money in a banking institution.

  • Short-term credit

    Short-term credit is a loan that typically lasts for one year or less. See also: loan term

  • Tax Refund

    The amount of money returned to the taxpayer after filing their federal income tax paperwork.

  • Term Loan

    A loan that has a agreed upon repayment schedule and floating interest rate.

  • Underbanked

    Refers to an individual who relies on checks and cash as a means of funding rather than other bank services.

  • Unemployment

    Occurs when a person who is actively seeking work but is unable to gain employment.

  • Withdrawal

    Removing funds from an account.