Glossary
We've organized the most common financial terms and explained them in simple, friendly ways.
Installment Loan
Most loan products (e.g., personal loan, student loan, auto loan, mortgage) are installment loans, in which you borrow a lump sum and then pay it back to the lender, typically in monthly installments.
Insurance Policy
The policy is a contract between an insured (the policyholder) and the insurance company, which states all of the plan's details as well as legal terms and conditions.
Insurance Quote
A quote is an estimate for the cost of life insurance, specifically the monthly premium paid to the insurance company. The quote is based on personal information (e.g., health, coverage requirements) provided by the applicant.
Introductory APR Period
A low interest rate promotion, sometimes even 0%, offered for a set period on a new credit card account. For the length of the promotion (typically six to 21 months) the cardholder will not have to pay any interest on purchases, balance transfers, or both, depending on the specific offer terms.