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.

Debt Consolidation Loan - a financial loan product that contains all the borrower's debts. They repay the debts with a single monthly installment. Such a financial tool helps consumers merge all their debts into one loan and avoid high-interest rates with multiple loans.

Credit-Builder Loan - a small, short-term loan taken out to help consumers build credit. This loan product is designed for people with zero or limited credit. Borrowers don’t need good credit to qualify compared to regular loans. A consumer can typically find credit-builder loans at credit unions, community banks, Community Development Financial Institutions (CDFIs), lending circles, or online lenders.

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.

Pawnshop Loan is an expensive loan type with small limits and requires quick repayment. To get a pawnshop loan, you’ll bring something of value to the pawnbroker, such as a power tool, jewelry, or musical instrument.

Boat Loan - a loan product specifically designed to finance the purchase of a boat. It is available through banks, credit unions, and online lenders. The loans can either be unsecured or secured, with secured loans using the borrower’s boat as collateral.

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Family Loan - an informal loan borrower gets from family members (and sometimes friends). For example, they may choose to turn to the family if they can’t qualify for a traditional loan from a bank or lender.

Land Loan - a financial product a consumer gets to buy land and build a house on, harvest its natural resources or lease it out to other people and businesses.

Vacation Loan - a financial tool that allows borrowers to go on vacation and pay for it later. Depending on the borrower's preferences, it may be an installment loan or a personal loan.

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Veteran Loan - a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate. Also, there are short-term payday loans for veterans available from banks, credit unions and online lenders.