An ACH (Automated Clearing House) is a transaction processed through an automated clearinghouse network that facilitates many electronic interbank funds transfers. An automated clearinghouse is operated for the benefit of a number of banks in order to efficiently process the transfer of funds electronically. Since an ACH typically operates only on weekdays, you may notice disclaimers like "next business day."
This legal document makes a loan official. The agreement formalizes the terms of the credit between you and the lender. When you sign a loan agreement or credit agreement, you enter into a contract that holds you responsible for paying back the money borrowed and any additional interest and fees.
APR (Annual Percentage Rate) is the interest payable on the amount borrowed plus other fees expressed as an annual rate of charge.
If you've missed one or more loan installments, then you're in arrears. Payment overdue? You're in arrears. People in arrears can have trouble qualifying for future credit, so talk to your creditors before your situation deteriorates further. Seek alternatives for making payments if you fall behind.
Assets are anything you own that has financial value. Your cash, property, stocks and bonds, even your home electronics are considered assets.
A balance can be the amount of money in your bank account. It can also indicate how much you owe a lender to pay off your loan.
An alternative to a quick, easy and convenient loan from Quick Credit, bank loans can involve a meeting with your bank manager and are subject to approval.
A check "bounces" when your bank account doesn't have enough funds to cover payment. (See NSF below.) The bank returns the check to the payee — unpaid. Now, in addition to still owing money to the intended recipient, the bank and the payee will most likely charge you a substantial fee.
Preparing and keeping a simple budget is one of the best things you can do to stay on top of your finances. A budget tracks your cash inflows (paycheck, interest and other income) vs. outflows (rent, groceries, gas, utilities and other expenses), so you can see what, if anything, is left.