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- Unsecured Loan
A loan that is unsecured means it is extended without collateral. Unsecured loans are time limited; the borrower agrees to pay back the loan in full, plus interest, within an established time frame. A common example of an unsecured loan is a purchase made with a credit card. When you charge a purchase, you are agreeing to pay the cost of the purchase back to the credit card issuer under the terms you agreed to when obtaining the card.
- Variable
Variable refers to a rate of interest that fluctuates according to the ups and downs of the market. Unlike a fixed rate, which doesn't change, a variable rate is tied to the prime rate, usually prime plus a few points, and is subject to constant change as the prime rate fluctuates.
- Waiver
A waiver occurs when the credit card issuer dismisses certain types of fees that are normally charged to the credit card holder. A waiver is usually a time-limited offer, and is used to entice new customers to open accounts.
- Zero Balance
A zero balance means that there are no funds owing on the account. All charges have been paid in full. An account with a zero balance will not incur any interest charges.
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(4.80 out of 5)