ElcLoans > Glossary

Glossary Of Financial Terms

Balloon payment
A balloon payment is essentially just a large payment that must be paid at the very end of a balloon loan. A balloon loan can be a car loan or even a mortgage. Read more >>

Checking account
A checking account is essentially a bank account that provides you with a quick and easy way to access your funds. You can use a checking account to pay for your bills online as well as through automatic withdrawal, making it extremely convenient and free of any hassle. Read more >>

Credit bureau
Basically, credit bureaus or consumer reporting agencies as they are also sometimes called, gather detailed information about your credit history so that lenders will be able to assess how much of a potential liability you are going to be. Read more >>

Credit history
Many people are slightly confused about what credit history is. It's often talked about in vague technical terminology and often confused with other financial constructs that bear a similar name. Read more >>

Credit report
A credit report is basically just a detailed report that documents your entire credit history. Credit bureaus/agencies are responsible for gathering and putting together these reports, which are sold to lenders so they can determine whether or not to approve you for the loan you want. Read more >>