A final payment that is typically much larger than regular payments, and any outstanding principal and interest remaining on the loan is paid in one lump sum. Balloon payments are typical with loans that have an adjustable rate or an interest only period.

Cash deposits or checks that have been presented for payment and for which payment has been received.

A legal term referring to a contract that states an unpaid balance can become due immediately if a specific circumstance, such as missing a payment, occurs. 

The amount of money one has in an account at a specific point in time.

A statement of transactions over a specific period of time that typically includes the resulting balance on an account.  

An account, typically a bank account or credit account, that is used regularly or has frequent activity. 

When a creditor refuses an individual’s application for credit or cancels his or her line of credit.

The process of reducing debt through regular installment payments, resulting in the payoff of a loan at its maturity. 

A measure of the cost of credit expressed as a yearly rate.

A percentage reflecting the total amount of interest paid on a deposit account, based on the interest rate and the frequency of compounding for a 365 day period.