An ACH (Automated Clearing House) is a transaction processed through an automated clearinghouse network which facilitates many
electronic funds transfers between banks. An automated clearinghouse is operated for the benefit of a number of banks to
efficiently process the electronic funds transfers. Because an ACH typically operates only on weekdays, this also explains
disclaimers like, "next business day."
You can use this to make automatic payments on your loan and not miss a due date. You just need to provide written permission
for your lender to withdraw a certain amount of money on specific dates directly from your checking account.
This is what makes a loan official. The agreement is a document that formalizes the terms of the loan between you and the
lender. By signing the loan agreement, you enter into a contract that holds you responsible for paying back the money
borrowed and any additional interest and fees.
APR stands for Annual Percentage Rate and is the interest payable on the amount borrowed and other charges expressed as an
annual rate of charge.
If you've missed loan installment payments, then you're in arrears. Are your payments overdue? You are in arrears. People in
arrears may have trouble getting future credit, so talk to your creditors before it gets worse. Seek alternatives for making
payments if you fall behind.
Your assets are anything you own that has financial value. Your cash, home, car, financial investments, even your home
electronics are considered assets.
This can be the amount of money remaining in your checking or savings account. It could also indicate how much you owe a bank or
other lender to pay off your loan.
An alternative to a quick, easy and convenient Great Plains Loan. Bank loans can require a face-to-face
meeting with your bank manager as an additional condition prior to approval.
A check "bounces" when the bank account doesn't have enough funds to make payment. (See NSF below) What's that mean to you?
The bank may return the check to the payee - unpaid. Now, in addition to still owing money to the intended recipient (payee),
the bank will likely charge you a hefty fee.
Developing and keeping a budget is one of the best things you can do to keep your finances under control. It lists your regular
income (paycheck, interest, etc) vs. regular expenses (rent, groceries, gas, movie tickets, etc.), so you can see if you're
spending more than you take in.