{"id":1749,"date":"2025-05-01T19:13:02","date_gmt":"2025-05-01T19:13:02","guid":{"rendered":"https:\/\/www.speedycash.ca\/?page_id=1749"},"modified":"2025-05-01T19:30:29","modified_gmt":"2025-05-01T19:30:29","slug":"glossary","status":"publish","type":"page","link":"https:\/\/www.speedycash.ca\/resources\/glossary\/","title":{"rendered":"Glossary"},"content":{"rendered":"\n<section class=\"wp-block-group alignfull p-accordion is-style-default has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--90)\">\n<div class=\"wp-block-group l-container has-global-padding is-layout-constrained wp-container-core-group-is-layout-82686151 wp-block-group-is-layout-constrained\" style=\"padding-top:0;padding-right:0;padding-bottom:0;padding-left:0\">\n<p class=\"has-text-align-center theme-color-secondary is-style-overline has-legal-font-size\" style=\"margin-top:0\">Definitions and Resources<\/p>\n\n\n\n<h1 class=\"wp-block-heading alignwide has-text-align-center has-display-large-font-size\" id=\"h-speedy-cash-financial-terms-glossary\" style=\"margin-top:var(--wp--preset--spacing--20)\">Speedy Cash Financial Terms Glossary<\/h1>\n\n\n\n<p class=\"has-text-align-center alignwide theme-color-secondary is-style-body-large\" style=\"margin-top:var(--wp--preset--spacing--30)\">We are clearly defining complex terms in a way that makes them easy for our customers to understand. Click on a term in this financial terms glossary to learn more. <\/p>\n\n\n\n<div class=\"c-glossary\">\n\t<div class=\"c-glossary__inner\">\n\t\t<nav class=\"c-glossary__nav\">\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-A\"\n\t\t\t\t>\n\t\t\t\t\tA\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-B\"\n\t\t\t\t>\n\t\t\t\t\tB\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-C\"\n\t\t\t\t>\n\t\t\t\t\tC\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-D\"\n\t\t\t\t>\n\t\t\t\t\tD\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-E\"\n\t\t\t\t>\n\t\t\t\t\tE\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-F\"\n\t\t\t\t>\n\t\t\t\t\tF\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-G\"\n\t\t\t\t>\n\t\t\t\t\tG\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-H\"\n\t\t\t\t>\n\t\t\t\t\tH\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-I\"\n\t\t\t\t>\n\t\t\t\t\tI\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-J\"\n\t\t\t\t>\n\t\t\t\t\tJ\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-K\"\n\t\t\t\t>\n\t\t\t\t\tK\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-L\"\n\t\t\t\t>\n\t\t\t\t\tL\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-M\"\n\t\t\t\t>\n\t\t\t\t\tM\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-N\"\n\t\t\t\t>\n\t\t\t\t\tN\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-O\"\n\t\t\t\t>\n\t\t\t\t\tO\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-P\"\n\t\t\t\t>\n\t\t\t\t\tP\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-Q\"\n\t\t\t\t>\n\t\t\t\t\tQ\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-R\"\n\t\t\t\t>\n\t\t\t\t\tR\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-S\"\n\t\t\t\t>\n\t\t\t\t\tS\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-T\"\n\t\t\t\t>\n\t\t\t\t\tT\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-U\"\n\t\t\t\t>\n\t\t\t\t\tU\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-V\"\n\t\t\t\t>\n\t\t\t\t\tV\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-W\"\n\t\t\t\t>\n\t\t\t\t\tW\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-X\"\n\t\t\t\t>\n\t\t\t\t\tX\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-Y\"\n\t\t\t\t>\n\t\t\t\t\tY\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<a class=\"c-glossary__nav-item\"\n\t\t\t\t   href=\"#glossary-Z\"\n\t\t\t\t>\n\t\t\t\t\tZ\t\t\t\t<\/a>\n\t\t\t\t\t<\/nav>\n\t\t<div class=\"c-glossary__items\">\n\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-A\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1747 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Account<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>An account is a financial arrangement with a bank or other financial institution that allows individuals or businesses to deposit, withdraw, and manage their money. Common types of accounts include savings accounts, checking accounts, and investment accounts.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/account\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1914 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Annual Percentage Rate<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Annual Percentage Rate (APR) is the total cost of borrowing money for one year. It includes the interest rate and any extra fees or charges you\u2019ll pay. APR helps you compare loan offers and understand how much a loan really costs over time.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/annual-percentage-rate\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2995 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Asset<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span data-sheets-root=\"1\">An asset is something you own that has financial value. Assets are the opposite of liabilities, which are debts or money you owe. Together, assets and liabilities help determine your net worth.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/asset\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2686 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Autodeposit<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A feature of Interac e-Transfer that allows money to go directly into a recipient\u2019s bank account without answering a security question. Once set up through online or mobile banking, any funds sent to the registered email address or mobile number are deposited instantly.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/autodeposit\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-B\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2627 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Bank Statement<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A bank statement is a summary of all the transactions in your bank account over a set period.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/bank-statement\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1912 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Borrower<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A borrower is someone who gets money from a lender and agrees to pay it back later. If you need to borrow money for bills, groceries, or an emergency, you are a borrower.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/borrower\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2759 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Borrowing &amp; Lending<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Borrowing and lending play a major role in everyday money decisions for people across Canada. Lenders offer short-term options, including payday loans, that provide quick access to funds.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/borrowing-lending\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-C\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2820 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Chequing Account<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A chequing account is a bank account used for daily spending. It lets people deposit money, take out cash, and make frequent payments. Most Canadians use a chequing account to cover regular costs like groceries, transportation, rent, and phone bills. It gives quick access to money, unlike a savings account, which is meant for later use.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/chequing-account\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1916 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Cost of Living<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The cost of living is how much money you need to pay for everyday things like rent, groceries, transportation, and bills. It shows how expensive life is in a certain place.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/cost-of-living\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2147 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Credit Building<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This is the process of improving your credit score so you can get better loan offers, lower rates, and more approval options in the future.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/credit-building\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2143 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Credit Report<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A credit report is a record that shows how you\u2019ve handled money you borrowed in the past. It tracks your loans, credit cards, missed payments, and more. Lenders use it to help decide if they\u2019ll approve your loan.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/credit-report\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1918 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Credit Score<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A credit score is a number that shows how likely you are to pay back money you borrow. It helps lenders decide if they should give you a loan.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/credit-score\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-D\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2453 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Debt<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span data-sheets-root=\"1\">Debt means money you owe to someone else. When you borrow money and promise to pay it back later, you create debt. Many people in Canada have different kinds of debt, such as loans, mortgages, or credit card bills.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/debt\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2319 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Default<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400\">A loan default happens when you don\u2019t pay back your loan the way you agreed to in your loan terms. In simple words, you\u2019ve missed too many payments, and the lender now considers your loan \u201cin default.\u201d It can hurt your credit and lead to extra fees or even legal action.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/default\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1902 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Direct Lender<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A direct lender is a company that gives you a loan with no middleman. You apply directly with them, and they are the ones who approve your loan and give you the money.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/direct-lender\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2784 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Discretionary Income<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Discretionary income is the money that is left after paying for essential expenses.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/discretionary-income\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2683 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Disposable Income<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>The money a person has after paying taxes and mandatory deductions. This is often called \u201cafter-tax income\u201d or \u201cnet pay.\u201d<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/disposable-income\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-E\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2822 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Emergency Expense <\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>An emergency expense is an unexpected cost that needs fast attention. It is something that cannot wait. These expenses are not part of a regular monthly budget and often create pressure because they happen without warning. Some common examples include car repairs, medical bills, urgent home repairs, or replacing a broken appliance.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/emergency-expense\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2145 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Emergency Fund<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">An emergency fund is money you set aside to cover sudden, unexpected expenses like car repairs, medical bills, or job loss.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/emergency-fund\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2684 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Essential Expense <\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A cost that must be paid to cover basic needs for daily living. These include housing, utilities, groceries, transportation, and minimum payments on loans or bills.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/essential-expenses\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-F\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2316 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>50 30 20 Budgeting Rule<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/www.speedycash.ca\/blog\/what-is-the-50-30-20-rule-for-budgeting\/\"><span style=\"font-weight: 400\">50-30-20 budgeting rule<\/span><\/a><span style=\"font-weight: 400\"> is a simple way to manage your money. You split your after-tax income into three parts: 50% for needs, 30% for wants, and 20% for savings or paying down debt.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/50-30-20-budgeting-rule\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2821 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Fixed Expenses<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Fixed expenses are regular costs that do not often change. These bills usually come at the same time each month and stay the same amount. Common examples include rent, insurance premiums, car payments, and internet bills. Because the amount stays steady, it is easier to plan for fixed expenses than other types of bills.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/fixed-expenses\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2630 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Fixed Interest Rate<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>An interest rate is the cost of borrowing money. It\u2019s shown as a percentage and tells you how much extra you\u2019ll pay back on top of the money you borrowed.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/fixed-interest-rate\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-G\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2455 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Gross Income<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400\">Gross income is the total amount of money you earn before any taxes or deductions are taken out. This includes your salary, wages, bonuses, tips, and other money you earn throughout the year.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/gross-income\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-H\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2151 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Household Expenses<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">These are the costs of running your home each month, such as rent, groceries, utilities, and transportation. These are also called monthly expenses.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/household-expenses\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-I\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2454 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Income Tax<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400\">Income tax is money you pay to the Canadian government from your earnings each year. The government uses this money to fund public services like healthcare, education, and roads.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/income-tax\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2629 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Income Verification<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Income verification means proving how much money you earn. Lenders ask for this to make sure you have a steady income and can repay the loan.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/income-verification\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2317 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Inflation<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400\">Inflation is when the prices of everyday things\u2014like food, rent, or gas\u2014go up over time. It means your money doesn\u2019t go as far as it used to. In Canada, this is called the Canada inflation rate, and it\u2019s tracked to show how fast prices are rising.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/inflation\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2685 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Interac e-Transfer<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A Canadian banking service that lets people send and receive money directly between bank accounts. It works through online or mobile banking and uses the recipient\u2019s email address or mobile number to deliver funds.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/interac-e-transfer-emt\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-J\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-K\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-L\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1910 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Lender<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A lender is a person or company that gives you money now and expects you to pay it back later. In Canada, a payday lender is a direct lender that offers small, short-term loans to people who <\/span><a href=\"https:\/\/www.speedycash.ca\/services\/payday-loans\/\"><span style=\"font-weight: 400;\">need quick cash before the next payday<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/lender\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2994 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Line of Credit<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span data-sheets-root=\"1\">A line of credit is a form of revolving credit. Instead of receiving one lump sum, you are approved for a maximum amount called a credit limit. You can borrow any amount up to that limit and pay interest only on what you use.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/line-of-credit\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2628 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Loan Agreement<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A loan agreement is a written contract between a borrower and a lender that explains the rules of a loan.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/loan-agreement\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1900 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Loan Eligibility<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>This means meeting the basic rules a lender has before giving you a loan. It\u2019s how a lender decides if you can borrow money and how much money you are approved for that you will have to repay.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/loan-eligibility\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1896 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Loan Repayment<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This means paying back the money you borrowed, plus any fees or interest. Repayment happens on a schedule, either all at once or over time, until the loan is fully paid off.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/loan-repayment\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2682 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Loan Term<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>The set period of time given to repay a loan. The term outlines when repayment starts and when it ends.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/loan-term\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2851 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Loan-to-Value Ratio<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A loan-to-value ratio is a percentage that compares how much money you want to borrow to the value of an asset used as security for the loan. The asset could be a home, vehicle, or another item with measurable value. Lenders use the loan-<br \/>\nto-value ratio to understand risk. In simple terms, it shows how much of the asset\u2019s value is being borrowed. The lower the loan-to-value ratio, the less risk the lender may see. A higher loan-to-value ratio usually means more risk for the lender.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/loan-to-value-ratio\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-M\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2852 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Maturity Date<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A maturity date is the date when a loan, investment, or financial agreement ends. On this date, any remaining balance must be paid in full or settled based on the terms of the agreement. The maturity date marks the official end of the contract. Some people also call this the agreement end date or repayment deadline<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/maturity-date\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2785 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Mobile Banking <\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Mobile banking refers to using a smartphone or tablet to access and manage personal banking.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/mobile-banking\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-N\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2900 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Negative Amortization  <\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span data-sheets-root=\"1\">Negative amortization is a situation where your loan payment is not enough to cover all the interest owed.<br \/>\nInterest is the cost of borrowing money. Lenders charge interest based on how much you owe and how long you borrow. With negative amortization, the payment does not pay all the interest. The unpaid interest does not go away. It gets added to your loan balance.<br \/>\nThis means the loan balance increases, even though you are making payments.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/negative-amortization\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2626 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Net Income<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Net income is the amount of money you have left after all your expenses, taxes, and deductions are taken out of your total earnings.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/net-income\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2937 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Net Worth<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Net worth is the difference between your assets and your liabilities.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/net-worth\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-O\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2786 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Online Banking<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Online banking is a secure way to access bank accounts and manage money through a computer, tablet, or mobile device.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/online-banking\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1898 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Online Lending<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This is when you borrow money through the internet instead of visiting a physical store. You fill out an application online and, if approved, the money is sent to your bank account.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/online-lending\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2993 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Overdraft<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span data-sheets-root=\"1\">An overdraft occurs when a transaction is processed, but there is not enough money in your chequing account to cover it. The bank may still allow the payment to go through, which results in a negative balance.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/overdraft\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-P\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2992 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Payday Loan<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span data-sheets-root=\"1\">A payday loan is a short-term loan that is typically repaid on your next payday. The loan amount is based on your income and is meant to be used for short-term needs, not long-term expenses.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/payday-loan\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-1894 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Personal Finance<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A term used to cover the management of your money, including saving and investing. It also includes budgeting, banking, insurance, mortgages, investments, taxes, retirement planning, and estate planning.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/personal-finance\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2991 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Pre-Qualification<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span data-sheets-root=\"1\">Pre-qualification is an initial review that gives an estimate of loan eligibility. It is based on basic details like income, employment, and general financial information. The goal is to provide a clearer picture of what might be possible without committing to a loan<br \/>\n<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/pre-qualification\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2936 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Principal<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Principal is the original amount of money you borrow. It does not include fees, interest, or other costs. It is simply the base amount of the loan. For example, if you borrow $500, the principal is $500. Any fees added later are separate from the principal.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/principal\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2819 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Principal Balance<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A principal balance is the amount of money still owed on a loan before any interest or fees. It starts as the original amount borrowed. Each time a payment goes through, some of that payment reduces the principal. The rest covers interest. The principal balance goes down over time as payments continue.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/principal-balance\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-Q\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-R\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2823 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Rainy Day Fund<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A rainy day fund is money set aside for small, unexpected expenses. These costs are not as serious as emergency expenses but can still disrupt a budget. What is a rainy day fund? It is a small savings fund used for everyday surprises like a minor car repair, a broken household item, or basic home maintenance.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/rainy-day-fund\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2450 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Registered Retirement Savings Plan<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400\">A Registered Retirement Savings Plan (RRSP) is a financial tool created by the Canadian government to help you save money for retirement. When you contribute money to an RRSP, you lower your income taxes for the year, and the money you put in can grow over time.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/registered-retirement-savings-plan\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2935 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Repayment Plan<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A repayment plan is a structured schedule that shows how a loan will be paid back over time.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/repayment-plans\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2320 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>RESP (Registered Education Savings Plan)<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400\">An RESP is a special type of savings account in Canada that helps parents or guardians save money for their child\u2019s education after high school. RESP stands for Registered Education Savings Plan, and it lets your money grow over time while getting help from the government.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/resp-registered-education-savings-plan\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2318 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Responsible Borrowing<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This means only borrowing what you can afford to pay back. It\u2019s about using loans in a smart way, especially when money is tight.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/responsible-borrowing\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-S\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2934 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Secured Loans<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Secured loans are loans that require the borrower to pledge an asset as collateral. Collateral is something of value, such as a home, vehicle, or savings account. The asset helps protect the lender if the loan is not repaid as agreed. If payments are missed, the lender may have the right to take steps to recover the debt using the pledged asset. Because of this, secured loans carry different risks than unsecured loans.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/secured-loans\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2783 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Soft Inquiry<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Soft inquiry is a type of credit check that does not affect a credit score.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/soft-inquiry\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-T\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2149 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Take Home Pay<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This is the amount of money you actually get in your bank account after taxes and other deductions are taken off your paycheque. It\u2019s also called net pay.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/take-home-pay\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2452 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Tax-Free Savings Account<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p><span style=\"font-weight: 400\">A <\/span><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/rc4466\/tax-free-savings-account-tfsa-guide-individuals.html\"><span style=\"font-weight: 400\">Tax-Free Savings Account (TFSA)<\/span><\/a><span style=\"font-weight: 400\"> is a savings account provided by the Canadian government to help you save money tax-free. With a TFSA, you don\u2019t pay taxes on any money you earn inside the account.<\/span><\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/tax-free-savings-account-tfsa\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-U\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2853 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Underwriting Loans<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<div id=\"docs-editor-container\" dir=\"ltr\">\n<div id=\"docs-editor\" class=\"\">\n<div id=\"waffle-grid-container\" dir=\"ltr\">\n<div id=\"763008169-grid-container\" class=\"grid-container\" dir=\"ltr\">\n<div id=\"763008169-grid-table-container\">\n<div class=\"grid-table-container fixed-table-container\">\n<div id=\"763008169-fixed\" class=\"grid-fixed-wrapper\">\n<div class=\"goog-inline-block fixed4-inner-container\">Underwriting loans is the process lenders use to review a loan application and decide if they can offer a loan. During underwriting, the lender looks at the information you provide to understand risk. Based on this review, the lender decides: If the loan can be approved How much can be borrowed What fees or repayment terms apply This process is part of the loan approval process for many types of loans.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/underwriting-loans\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-V\"><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2903 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Variable Interest Rates<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>Variable interest rates are interest rates that can change over time. The rate may move up or down based on market conditions or a reference rate used by lenders. When the rate changes, the cost of borrowing can also change. Because of this, loans with variable interest rates do not always cost the same throughout the loan term.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/variable-interest-rates\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"wp-block-post c-glossary__item post-2850 wiki type-wiki status-publish hentry\">\n\t\t\t\t\t\t<h6 class=\"c-glossary__heading\">\n\t\t\t\t\t\t\t<strong>Variable Rate Mortgages<\/strong>\n\t\t\t\t\t\t<\/h6>\n\t\t\t\t\t\t<p>A variable rate mortgage is a mortgage where the interest rate can change over time. The rate usually moves up or down based on changes in broader interest rates in Canada. When the rate changes, the amount of interest you pay can also change. Because of this, a variable rate mortgage does not always cost the same from month to month.<\/p>\n<p><a href=\"https:\/\/www.speedycash.ca\/resources\/wiki\/variable-rate-mortgages\/\">Learn More<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-W\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-X\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-Y\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"c-glossary__alpha-section\" id=\"glossary-Z\"><\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Definitions and Resources Speedy Cash Financial Terms Glossary We are clearly defining complex terms in a way that makes them easy for our customers to understand. Click on a term in this financial terms glossary to learn more.<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":510,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1749","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Glossary - Speedy Cash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.speedycash.ca\/resources\/glossary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glossary\" \/>\n<meta property=\"og:description\" content=\"Definitions and Resources Speedy Cash Financial Terms Glossary We are clearly defining complex terms in a way that makes them easy for our customers to understand. 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