Financial Term Index: L

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Late Payment Fees

Late payment fees is a charge impose by lender (bank or financial instituion) when you miss a payment date.

Late Penalty Fee

Late penalty fee is a fee or charge is a penalty for not paying the monthly instalments on or before the due date.

Lender

A lender is the person, private or public financial institute that agrees to give the borrower the requested amount with the understanding that the borrower

Lease

Lease is a contract granting the use of property for a specified length of time in exchange for a specified rental price.

Liabilities

Liabilities the debts and other financial obligations of a person or company; the opposite of assets.

Lien

Lien is a claim against an item by another party which utilizes that item as security for repayment of a loan or other claim. A lien

Loan Term

Loan term is the period of time specified by the lender for the borrower to repay the amount owing to the lender, usually in set instalments

Line of Credit

A line of credit is a loan that allows the borrower to withdraw money from an account up to a specified limit.

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