The exact amount of money in an account
Things that are owned such as cars, property and money
Used by bank customers to withdraw money and do certain other transactions
A document sent to customers by the bank listing the transactions (money in and out) on an account - usually sent monthly
This is a person who either applies for, or receives a loan. A borrower must have the intent and ability to repay the loan in full, plus any interest
The process by which a bank refuses to pay a cheque because there isn't enough money in the customer's account
A financial plan drawn up for an individual, a family, a business or a government. It is usually for a period of a month or a year, but can be for longer
The total of a person's or a business's assets, less their liabilities.
A cash advance is a service provided by most credit card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit. For a credit card, this will be the credit limit or some percentage of it.
A written order instructing a bank to pay a specific amount to a named person. A cheque must be dated and signed
When you pay an amount into your bank, it may take a few days to be 'cleared'. You cannot use the money until it has gone through this process
The total cost of a loan - includes interest plus all charges, fees and so on.
Money to buy goods or services that the lender will pay back in the future.
A card used to borrow money or to pay for purchases. The card allows the cardholder credit which they can repay monthly
A record of credit someone has had in the past
The maximum amount allowed to be used on a credit card
An assessment of someone's ability to pay debts based on their history and current assets. It is sometimes expressed as a number called a credit score
A person or business money is owed to
The information on your credit report and the information you give when you fill in the application will help boost your credit score
A credit search is a check performed by a credit reference agency to confirm how well you manage your money We use this information to assess your application for a loan and confirm your identity
A bank account which allows a customer to deposit money and withdraw money, by cash, cheque, standing order or direct debit
The CV2 number (security number) consists of the last three digits printed on the signature strip on the reverse of major credit and debit cards
Any transaction that reduces the balance in a bank account
Money owed to another person or business. A person who owes money to others is known as a debtor
Card attached to your bank account, which takes payment directly from the cash in your account rather than on credit
This is failure to meet the financial obligations as agreed. People who do not make payments on a loan have 'defaulted' on that agreement
To put money into a bank account - can be done by paying in cash or cheques over the counter, or by direct deposit, for example, from an employer
A deposit can also be an amount which is laid down on an item to demonstrate the intention to fully purchase the item later - for example the deposit on a house Financial Planning
The process of setting financial goals, and producing plans (for example, budgets) to achieve those goals
This is a rate that stays the same for the life of the loan.
Also know as a gift voucher or credit note, that can be reused to purchase goods and services as a method of payment
The full amount of money earned (that is, before any deductions such as tax)
Amount of money received or earned over a period of time
A tax on personal income. Usually deducted directly from wage
Money that you earn on money you keep in a bank account, or money you pay for borrowing money
The amount of interest paid or charged (given as a percentage)
An institution or individual who loans a borrower money. Liabilities
An agreement between a lender and a borrower. The borrower agrees to repay the money borrowed over a period of time - with interest & other charges.
A Loan Agreement is a binding contract which regulates the terms and conditions of the loan and is a legal document between the creditor (the company lending) and the debtor (the customer). It shows the key information of the amount of credit you are taking, the duration of the agreement, the total amount payable and the APR
Method of Payment is the way a merchant chooses to accept payment for products or services
The smallest amount of money you can have in a bank account.
The smallest amount you can pay towards money you owe on a credit card. It is stated on your monthly statement.
The amount of income after all deductions (for example, tax). Also called 'take-home pay'
A service which allows you to operate a bank account over the internet
When you borrow money from a lender and have not yet made a payment, this is the outstanding balance Overdraft An arrangement with a bank which allows customers to withdraw more funds from a current account than they have in the account. It is a form of lending
This is the fee charged when a consumer exceeds the credit limit on their credit card
A short-term loan which you repay on your next repayment schedule.
This is the Annual Percentage Rate (APR) divided by 12
Numbers which allow you to access information or money, from ATMs for example. You should never tell anyone else your PIN number
The fees that are charged with the process of credit card transactions and loans.
A repayment of a sum of money given for a previous purchase. With a card purchase the refund will made to the same card used for the original transaction
A loan with property or other assets as security
A loan scheduled to be repaid in less than a year
Carrying out transactions on your bank account over the phone
The period over which a loan is scheduled to be repaid or an investment runs
This refers to the movement of money. For example, when you pay money into or take money out of a bank account. It can also refer to a purchase in the case of a transaction with a shop
The amount a customer would have to pay per transaction for a credit card or loan. Some providers charge for a cash advance, if a late payment is made, or if the credit limit is exceeded.
The amount still owing on an account
A loan not backed up by collateral or guarantee of any sort
Services such as gas, electricity and phone
Taking money out of your bank account