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.
Account
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.
Annual Percentage Rate
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’ll pay. APR helps you compare loan offers and understand how much a loan really costs over time.
Borrower
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.
Cost of Living
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.
Credit Building
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.
Credit Report
A credit report is a record that shows how you’ve 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’ll approve your loan.
Credit Score
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.
Direct Lender
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.
Emergency Fund
An emergency fund is money you set aside to cover sudden, unexpected expenses like car repairs, medical bills, or job loss.
Household Expenses
These are the costs of running your home each month, such as rent, groceries, utilities, and transportation. These are also called monthly expenses.
Lender
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 need quick cash before the next payday.
Loan Eligibility
This means meeting the basic rules a lender has before giving you a loan. It’s how a lender decides if you can borrow money and how much money you are approved for that you will have to repay.
Loan Repayment
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.
Online Lending
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.
Personal Finance
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.
Take Home Pay
This is the amount of money you actually get in your bank account after taxes and other deductions are taken off your paycheque. It’s also called net pay.