Terms with Category Financial Banking
- Unsecured Loan — Definition,
- An advance of money that is not secured by collateral.
- Upside-down — Definition,
- A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. See also "Depreciation."
- Useful Life — Definition,
- The number of years depreciable business property is expected to be productive and in use.
- Usurious Rate — Definition,
- An interest rate that is unnecessarily high or well above legal rates. For example, sometimes intangible property taxes are applied to income from usurious rates.
- Usury — Definition,
- Illegal, excessive interest.
- Valuable Consideration — Definition,
- The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.
- Valuation — Definition,
- The estimation of a property's price value through an appraisal.
- The process of finding the worth of an asset or business.
- Variable Annuity (VA) — Acronym,
- An annuity where the payments received by the annuitant in the income phase of the annuity vary depending on how well the insurer's investment portfolio has performed.
- Variable Interest Rate — Definition,
- Percentage that a borrower pays for the use of money, and which moves up or down periodically based on changes in other interest rates.
- Variable Rate — Definition,
- A floating percentage value that fluctuates based on certain conditions.
- Vendor — Definition,
- The seller of a property.
- Vendor Take Back — Definition,
- Where the seller of the property provides all or some of the financing in order to sell the property.
- Venture Capital (VC) — Acronym,
- Financial capital given to startup companies.
- Verification of Employment (VOE) — Acronym, Important,
- Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.
- Visa (V) — Acronym,
- A type of credit card that is distributed by financial institutions around the world. A VISA card holder borrows money against a credit line and repays that money with interest if a balance is carried over from month to month.
➥ A brand of credit card. - Void Cheque — Definition,
- A check with the word "VOID" written on the face that cannot be cashed.
- Voluntary Life Insurance — Definition,
- Life insurance offered as part of an employee benefit package where the employee agrees to pay the insurance premiums.
- Waiting Period — Definition,
- The amount of time that must pass before something occurs.
- Walk-away Lease — Definition,
- The most common type of car lease, also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
- Warranty — Definition,
- A document certifying clear title to a property.
- A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of kilometers or period.
- Withdrawal (WD) — Acronym,
- Taking money out of a bank account or financial instrument.
➥ Bank account transaction code. - World Trade Organization (WTO) — Company Est. 1995,
- An organization that promotes free trade between nations.
➥ Deals with the global rules of trade between nations. - Wraparound Annuity — Definition,
- An annuity that allows the annuitant to control how funds in the annuity are invested.
- Year-end Statement — Definition,
- A report sent to the borrower each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.
- Yearly Price Protection Method — Definition,
- A calculation used to determine the annual cost of protection for insurance policies with savings components.
- Yield-to-Maturity (YTM) — Acronym,
- The internal rate of return on an investment. Typically takes into account all investment returns and their timing.
- Zero Balance — Definition,
- What shows on a credit card customer's bill when the outstanding balance has been paid and no new charges have been incurred during the billing cycle.
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Unsecured Loan -
