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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 for about 7 years. See also: credit report, 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 report -
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 by a credit bureau. See also: credit score, credit bureau, credit history -
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 900. See also: credit report, credit bureau, credit history -
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 creditworthiness. FICO scores range from 300-850. See also: credit score -
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 of the loan. See also: annual percentage rate (APR), finance charge -
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 is loaded with money by you or someone else. -
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.
