Precept Financial Glossary

What is it? The amount each non-billing authority, (County Council, Police Authority or Parish Council) asks the billing authority (district and borough council) to collect every year to meet their spending.

Finance Term Definition Added By: Sydney

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Payday Loan - a short-term financial product that is repaid on the borrower’s next paycheck. Amount Range: $100 - $1,000, repayment term range: 14 - 30 days.

Emergency Loan - a short-term financial product designed to help borrowers cover unplanned expenses. Amount Range: $100 - $1,000, repayment term range: 14 - 30 days.

Installment Loan - a medium-term financial product designed to help consumers cover higher costs. It is repaid with fixed monthly payments on a certain repayment schedule. Amount Range: $1,000 - $5,000, repayment term range: 2 - 24 months.

Personal Loan - a long-term financial product designed to cover significant expenses like debts, special events, major medical bills, and study taxes. Amount Range: $5,000 - $35,000, repayment term range: 2 - 36 months.

Title Loan - a secured financial product that requires collateral. The loan is provided based on the value of the collateral. If the loan isn’t paid on time, the lender seizes the collateral.

Car Title Loan - a secured financial product that requires a vehicle as collateral. The borrower is allowed to drive the car while paying the loan with fixed monthly installments.

Mortgage Loan - a financial tool that helps borrowers finance the purchase of a home, and there are many types of mortgages available provided by banks, credit unions, and alternative lenders.

Home Equity Loan - a loan product known as a second mortgage. The equity the borrower has in their home—the portion of their home that they own, not the bank—secures the loan. A borrower can typically borrow up to 85% of their home’s equity, which is paid out as a lump sum and repaid over five to 30 years.

Payday Alternative Loan - a short-term loan product that is a cheaper alternative to payday loans. Only alternative lenders like credit unions or private lenders provide such loan products. It has lower interest rates and longer repayment schedules.

Student Loan - a financial loan meant to pay for tuition, fees, and living expenses at accredited schools. This means that a student generally can’t use student loans to pay for specific types of education, such as coding boot camps or informal classes.

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Auto Loan - a type of secured loan that a consumer can use to buy a vehicle with repayment terms between three to seven years. In this case, the collateral for the loan is the vehicle itself. If the consumer doesn’t pay the loan, the lender will repossess the car.

Small Business Loan - a financial product that helps small businesses, typical companies with up to 300 employees, fund their activities. There are several types of small business loans, including Small Business Administration (SBA) loans, working capital loans, term loans, and equipment loans.

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