Personal Loan

– Webster’s Definition: A loan that is issued for personal use, which can include purposes such as debt consolidation, medical expenses, home improvement, or other personal expenditures.

Auto Loan

– Webster’s Definition: A loan taken out to purchase a new or used car. It usually involves borrowing money from a bank or financial institution and repaying it over time with interest.

Mortgage

– Webster’s Definition: A conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms.

Home Equity Loan

– Webster’s Definition: A loan based on the equity a borrower has in his or her home.

Line of Credit (HELOC)

– Webster’s Definition: An agreement by a bank to extend credit up to a certain amount.

Student Loan

– Webster’s Definition: A loan that is used to pay for a student’s education (such as at a college or university).

Credit Card

– Webster’s Definition: A card authorizing purchases on credit.

Business Loan

– Webster’s Definition: A loan made to a business.

Payday Loan

– Webster’s Definition: A small loan typically between $100 and $500 with a short repayment period of a few weeks and a high interest rate.

Recreational Vehicle Loan (RV Loan)

– Webster’s Definition: A loan to purchase recreational vehicles like campers, boats, and motorcycles.

Fixed-Rate Mortgage

– Webster’s Definition: A mortgage with a fixed interest rate for the entire term of the loan.

Adjustable-Rate Mortgage (ARM)

– Webster’s Definition: A mortgage where the interest rate can change periodically, typically in relation to an index, and payments may go up or down accordingly.

FHA Loan

– Webster’s Definition: A mortgage insured by the Federal Housing Administration, designed for low-to-moderate-income borrowers who may have lower than average credit scores.

VA Loan

– Webster’s Definition: A mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA) and is available to American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses.

USDA Loan

– Webster’s Definition: A loan program guaranteed by the United States Department of Agriculture, designed to help low-to-moderate-income individuals purchase homes in rural areas.

Conventional Loan

– Webster’s Definition: A mortgage that is not guaranteed or insured by any government agency, typically fixed in its terms and rate.

Jumbo Loan

– Webster’s Definition: A mortgage loan that may have high credit quality but is in an amount above conventional conforming loan limits.

Interest-Only Mortgage

– Webster’s Definition: A mortgage where the borrower pays only the interest for some or all of the term, with the principal balance unchanged during the interest-only period.

Balloon Mortgage

– Webster’s Definition: A mortgage that typically offers low rates for an initial period of time (generally five, seven, or ten years) but requires a large payment (the “balloon payment”) at the end of that period.

Reverse Mortgage

– Webster’s Definition: A type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance.

Traditional HELOC

– Webster’s Definition: A loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower’s equity in their house.

Fixed-Rate HELOC

– Webster’s Definition: A home equity line of credit with a fixed interest rate on part or all of the balance.

Interest-Only HELOC

– Webster’s Definition: A home equity line of credit where the borrower pays only the interest for a set period.

No-Closing-Cost HELOC

– Webster’s Definition: A home equity line of credit where the borrower does not pay upfront closing costs.

HELOC with a Recast Feature

– Webster’s Definition: A home equity line of credit that allows the borrower to recalculate the repayment schedule based on the current balance and remaining term after the draw period ends.

HELOC with a Replenishing Line of Credit

– Webster’s Definition: A home equity line of credit that allows the borrower to replenish the available credit as they make payments, similar to a credit card.

Federal Student Loan

– Webster’s Definition: A loan funded by the federal government to help pay for education, including Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans.

Private Student Loan

– Webster’s Definition: A non-federal loan, issued by a lender such as a bank, credit union, state agency, or school.

Refinanced Student Loan

– Webster’s Definition: A new loan taken out to replace existing student loans, often to obtain a lower interest rate or different repayment terms.

Income-Driven Repayment Plan

– Webster’s Definition: A repayment plan for federal student loans that sets your monthly payment at an amount that is intended to be affordable based on your income and family size.

Standard Credit Card

– Webster’s Definition: A card authorizing purchases on credit without any additional benefits.

Rewards Credit Card

– Webster’s Definition: A credit card that offers rewards such as cash back, points, or miles on purchases.

Secured Credit Card

– Webster’s Definition: A credit card designed for individuals with poor or limited credit history that requires a security deposit.

Balance Transfer Credit Card

– Webster’s Definition: A credit card that offers low or zero interest rates on transferred balances for a promotional period, allowing for consolidation of debt.

Term Loan

– Webster’s Definition: A traditional loan with fixed repayment terms and interest rates.

SBA Loan

– Webster’s Definition: A loan backed by the Small Business Administration that offers favorable terms for small businesses.

Line of Credit

– Webster’s Definition: An agreement by a bank to extend credit up to a certain amount.

Equipment Financing

– Webster’s Definition: A loan specifically for purchasing business equipment where the equipment itself often serves as collateral.

Merchant Cash Advance

– Webster’s Definition: An advance on future credit card sales typically with high fees and interest rates.

Payday Alternative Loan (PAL)

– Webster’s Definition: Short-term loans offered by some credit unions as an alternative to high-cost payday loans.

PAL I

– Webster’s Definition: A payday alternative loan offered by federal credit unions, up to $1000 with terms of 1 to 6 months.

PAL II

– Webster’s Definition: A newer version of payday alternative loans that allows for loans up to $2000 with terms up to 12 months.

Secured Boat Loan

– Webster’s Definition: A loan where the boat itself serves as collateral.

Unsecured Boat Loan

– Webster’s Definition: A loan that does not require the boat as collateral but usually comes with higher interest rates.

Fixed-Rate Loan

– Webster’s Definition: A loan with a fixed interest rate for the entire term.

Variable-Rate Loan

– Webster’s Definition: A loan with an interest rate that can fluctuate over time.

Dealer Financing

– Webster’s Definition: Financing options offered directly through the dealership, often in partnership with specialized lenders.

Home Equity Loan

– Webster’s Definition: A loan based on the equity a borrower has in their home.

RV Financing Specialist

– Webster’s Definition: Lenders that specialize in financing for recreational vehicle purchases.

Energy-Efficient Mortgage (EEM)

– Webster’s Definition: A mortgage that allows the borrower to finance energy-efficient improvements as part of a home purchase or refinance.

Solar Loan

– Webster’s Definition: A loan specifically for financing the purchase and installation of solar panels.

Construction-Only Loan

– Webster’s Definition: A loan that covers the cost of the construction project and must be paid off or refinanced into a permanent mortgage once the construction is completed.

Construction-to-Permanent Loan

– Webster’s Definition: A loan that converts to a traditional mortgage once the construction is completed.

Owner-Builder Loan

– Webster’s Definition: A loan for individuals who plan to act as their own general contractor for the construction project.

Renovation Loan

– Webster’s Definition: A loan for purchasing a home that needs significant repairs or renovations, with the cost of the renovations included in the loan amount.

End Loan

– Webster’s Definition: A traditional mortgage that you qualify for at the end of the construction process, used to pay off the construction loan and become the long-term financing for the home.

Bridge Loan

– Webster’s Definition: A short-term loan that provides financing during the gap between the end of construction and the securing of permanent financing.

Land Loan

– Webster’s Definition: A loan used to finance the purchase of the land on which the construction will take place.

Share Certificate (Certificate of Deposit – CD)

– Webster’s Definition: A time deposit with a fixed interest rate and term, offering a safe way to earn interest on savings.

Money Market Account

– Webster’s Definition: An account that typically offers higher interest rates than regular savings accounts, with more flexibility to access funds than CDs.

Individual Retirement Account (IRA)

– Webster’s Definition: A tax-advantaged retirement savings account that can be either Traditional or Roth.

Mutual Fund

– Webster’s Definition: An investment program funded by shareholders that trades in diversified holdings and is professionally managed.

Brokerage Service

– Webster’s Definition: A service that allows individuals to buy and sell stocks, bonds, and other securities.

Annuity

– Webster’s Definition: A fixed sum of money paid to someone each year, typically for the rest of their life.

529 College Savings Plan

– Webster’s Definition: A tax-advantaged savings plan designed to encourage saving for future education costs.

Financial Planning

– Webster’s Definition: The task of determining how a business will afford to achieve its strategic goals and objectives.

Auto Insurance

– Webster’s Definition: Coverage for cars, trucks, and other vehicles, including liability, collision, and comprehensive coverage.

Homeowners Insurance

– Webster’s Definition: Protects your home and personal property against damage or loss due to events like fire, theft, or natural disasters.

Renters Insurance

– Webster’s Definition: Provides coverage for personal property and liability for individuals renting an apartment or home.

Life Insurance

– Webster’s Definition: Offers financial protection for your beneficiaries in the event of your death.

Disability Insurance

– Webster’s Definition: Provides income replacement if you are unable to work due to a disability.

Health Insurance

– Webster’s Definition: Coverage for medical expenses.

Long-Term Care Insurance

– Webster’s Definition: Covers the costs of long-term care services such as in-home care, assisted living, or nursing home care.

Accidental Death and Dismemberment (AD&D) Insurance

– Webster’s Definition: Provides coverage in case of death or dismemberment due to an accident.

Credit Insurance

– Webster’s Definition: Offers protection on loans and credit lines, covering payments in case of death, disability, or involuntary unemployment.

Travel Insurance

– Webster’s Definition: Provides coverage for trip cancellations, medical emergencies, and other travel-related risks.

Pet Insurance

– Webster’s Definition: Covers veterinary expenses for your pets in case of illness or injury.

Identity Theft Protection

– Webster’s Definition: Offers monitoring and recovery services to protect against identity theft and fraud.

Person-to-Person (P2P) Payment

– Webster’s Definition: Services like Zelle, Venmo, and PayPal that allow members to send and receive money instantly.

Mobile Banking App

– Webster’s Definition: A mobile application that provides banking services to customers on their mobile devices.

Online Bill Pay

– Webster’s Definition: A service that enables members to pay bills instantly online directly from their checking or savings account.

Wire Transfer

– Webster’s Definition: A method of transferring money from one bank account to another electronically.

ACH (Automated Clearing House) Transfer

– Webster’s Definition: An electronic network for financial transactions in the United States.

Contactless Payment

– Webster’s Definition: A secure method for consumers to purchase products or services via debit, credit, or smartcards by using RFID technology or near-field communication.

Real-Time Payment (RTP)

– Webster’s Definition: A payment system that allows for instant, 24/7 clearing and settlement of payments.

Crypto Savings Account

– Webster’s Definition: A savings account that allows members to earn interest on their cryptocurrency holdings.

Crypto-Backed Loan

– Webster’s Definition: A loan where members can use their cryptocurrency holdings as collateral.

Crypto Trading Platform

– Webster’s Definition: A platform that allows members to buy, sell, and hold cryptocurrencies.

Crypto Payment Service

– Webster’s Definition: A service that enables members to make payments or send money using cryptocurrencies.

Crypto Education and Advisory

– Webster’s Definition: Educational resources and advisory services to help members understand the risks and opportunities associated with cryptocurrencies.