A credit bureau is a collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, and a credit information company (CIC) in India.
A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members.
In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity.
A syndicated loan is one that is provided by a group of lenders and is structured, arranged, and administered by one or several commercial banks or investment banks known as lead arrangers.
An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero.
A collection agency, also known as a debt collector, is a business or other entity that specializes in debt collection, i.
A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of the person.
Hire purchase (abbreviated (HP) this is an arrangement whereby a company acquires an asset by paying an initial installment (e.g. 40% of the total) and repays the other part of the cost of the asset over a period of time or term for a contract, in which a purchaser agrees to pay for goods in parts or a percentage over a number of months. In Canada and the United States, a hire purchase is termed an installment plan although these may differ slightly as in a hire purchase agreement the ownership of the good remains with the seller until the last payment is made. Other analogous practices are described as closed-end leasing or rent to own.
Islamic banking and finance
Islamic banking (Arabic: مصرفية إسلامية) is banking or banking activity that is consistent with the principles of sharia (Islamic law) and its practical application through the development of Islamic economics.
Letter of credit
A letter of credit is a document, typically from a bank (issuing bank), assuring that a seller (beneficiary) will receive payment up to the amount of the letter of credit, as long as certain documentary delivery conditions have been met.
(For other uses, see Loan (disambiguation).) In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity.
A moneylender is a person or group who typically offers small personal loans at high rates of interest and is distinct from banks and financial institutions that typically provide such loans.