A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Authorized UserA person you allow to use an account or card without being the primary owner, giving them access while you keep responsibility.
- Personal LoanA lump-sum loan, usually unsecured, repaid in fixed installments and used for anything from debt consolidation to big purchases.
- Student LoanMoney borrowed to pay for education, offered by the government or private lenders, repaid with interest after school.
- DefaultThe failure to repay a debt as agreed after an extended period, which can lead to collections, legal action, or repossession.
- Unsecured DebtBorrowing not tied to any collateral, such as most credit cards and personal loans, relying on your promise to repay.
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Plain-English education — not personalized legal, tax, or investment advice.