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Glosssary Of Terms

Bad Credit Personal Loans: 

For people with poor credit or no credit history. This type of loan is especially good for people who need a loan but have been denied as a high risk.

Credit Check:

The process of evaluating an applicant's loan request in order to determine the likelihood that the borrower will live up to their obligations.

Debt Expenses: 

A representation of applicant's accounts and expenses.

Fraud:

Wrongful or criminal deception intended to result in financial or personal gain.

Funds:

A sum of money saved or made available for a particular purpose.

General Expenses:

Minor expenses of various kinds incurred through daily routine.

Income:

Money received on a regular basis through work or investments.

Interest Fee:

Total interest incurred over the entire term of a loan.

Interim Cash:

Cash to cover you for a set time period.

Living Expenses:

The amount of money needed to sustain a certain level of living, including basic expenses.

Maximum Affordable Loan:

This is when you apply for the largest amount possible, up to R5000, relative to your salary.

Online Cash Loan (aka payday loan):

A small, short term unsecured loan.

Online pay day loans:

A loan that is applied for online and provided to borrowers that must be paid in full when the borrowers receive their next pay check.

Payday Cash Loan:

A cash advance on your next salary paid back within 45 days.

Personal Loans:

A loan granted for personal use, whether it be medical, household or family.

Power Cash Card:

Your cash loan is saved on your Power Cash Card and used to withdraw the money from any ATM or make debit purchases.

Short Term Finance:

Any investments with a maturity of one year or less.

Short Term Credit:

A cash loan on credit for a short period of time.

Specific Affordable Loan:

This is when you apply for a specific amount that you need, up to R5000.



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