banking

origination fee

An origination fee (sometimes referred to as origination “point”) is a fee paid to a lender to process a loan application. The borrower agrees to pay this upfront fee to the lender for setting up the loan or mortgage. The fee is typically a...

partially secured debt

A partially secured debt is a form of secured debt in which debt is backed by collateral with a value lesser than that of the full debt owed. Also known as undersecured debt. Such a debt can be illustrated, for example, with a home valued at...

postdated check

Definition from Nolo’s Plain-English Law DictionaryA check that is dated in the future, so it cannot be cashed until that date.

Definition provided by Nolo’s Plain-English Law Dictionary.

savings and loan

Definition from Nolo’s Plain-English Law DictionaryA banking and lending institution chartered either by a state government or the federal government. Savings and loans institutions take savings deposits, upon which they pay interest slightly higher than...

usurious

Definition from Nolo’s Plain-English Law DictionaryExceeding the maximum interest rate on a debt that is allowed by law.

Definition provided by Nolo’s Plain-English Law Dictionary.

usury

Definition from Nolo’s Plain-English Law DictionaryExtending credit at an exorbitant or illegally high interest rate. States set their own maximum interest rates, and courts will not enforce payment of interest on a loan if the rate is usurious. Most...

wage attachment

See: Attachment

Without recourse

A phrase meaning that one party has no legal claim against another party. It is often used in two contexts:

1. In litigation, someone without recourse against another party cannot sue that party, or at least cannot obtain adequate relief even...

workout

Definition from Nolo’s Plain-English Law DictionaryAn arrangement negotiated between a debtor and creditor as a way to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure...

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