a charge for borrowed money generally a percentage of the amount borrowed.

The fee a credit card company charges a credit card holder to use the card for a year. Or, the fee a lender charges a borrower for the use of a line of credit for a year.

A credit line allows you to borrow in increments, repay it and borrow again as long as the line remains open. Typically, you will be required to pay interest on borrowed balance while the line is open for borrowing, which makes it different from a conventional loan, which is repaid in fixed installments.

A measurement used to compare different loans, the APR takes into account a loan’s interest rate, term, and fees to illustrate the total cost of credit expressed as a yearly rate. The lower the APR, the lower the total cost of the loan.

a number assigned to a person that indicates to lenders their capacity to repay a loan.

a person's credit score calculated with software from Fair Isaac Corporation (FICO).

A written record of a person’s use of credit, including applying for credit, and using credit or loans to make purchases. Also called a credit record.

An individual or business that lends money or extends credit.

Charges for services by a financial institution or lender.

A payment toward the amount of principal owed. Generally when a loan payment consists of only a principal and interest payment, the amount owed for interest is processed first and the remaining amount of the payment is applied to the principal balance.

A loan that is repaid to the lender in equal amounts, over a fixed period of time.

A short-term goal is one that you'd want to achieve in one to two years.

a notice or announcement in a public medium promoting a product, service, or event or publicizing a job vacancy.

a person or company that advertises a product, service, or event.

Good customer service means helping customers efficiently, in a friendly manner.

a person who purchases goods and services for personal use.

Any card that may be used repeatedly to borrow money or buy products and services on credit. Credit cards are issued by financial institutions, retail stores, and other businesses. A credit card offers the card holder revolving credit that can be paid monthly with as little as the required minimum payment. See also Charge card.

A card linked to a checking account that can be used to withdraw money and make deposits at an ATM and to make purchases at merchants. When you use a debit card, the money will be deducted from the linked checking account.

The lack of enough money in an account to pay a particular check or payment. Also known as insufficient funds. A check with insufficient funds may be returned unpaid to the person cashing it. This has a negative impact on the check writer’s history of handling his or her account, and may prevent opening of future accounts. The bank generally charges the checking account holder a fee for overdrawing the account. See also Overdraft.