At Cash Factory USA, we want you to be on top of everything when it comes to budgeting and saving

At Cash Factory USA, we want you to be on top of everything when it comes to budgeting and saving

To ensure you understand exactly what our services, our blogs, and our advice columns are all about, we created a glossary to help define all the terms we frequently use. Explore the definitions below and use them to help you make better financial decisions.

Annual Percentage Rate (APR): This term refers to the interest owed on a particular amount of money. It could refer to the amount of interest you owe on a loan or the amount of interest a bank gives you on a savings account. APR ranges from loan to loan and account to account. You can expect the APR on a payday loan to be slightly higher than those on other loans.

Auto Title Loans: An auto title loan is a secured loan that utilizes your car as the collateral. You need to give the title of your car to the lender and if you don’t repay your loan, the lender keeps your car. Many places allow you to keep using your car as long as your payments are in good standing.

Bounced Check: If there aren’t sufficient funds in your account, any check that you write will overdraw the account. The check won’t be honored and you will incur extra overdraft feeds.

Cash Advance Loan: A type of payday loan. This is a short-term loan that typically requires repayment by your next paycheck.