Office of Financial Empowerment
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Money Dictionary

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Late-payment Fee   A fee that you must pay for any payment that is received after its due date. Late payments can be costly and lead to debt problems.
     
Lender   A person or organization that lends you money.
     
Liability   Amounts you owe to creditors/lenders, such as a car loan or credit card debt.
     
Loan   A loan is borrowing money from a lender in order to buy something. You must pay back the lender with interest.
     
Long-term Financing   A long-term loan has a term of six years or longer and is usually for larger expenses, such as commercial real estate or expensive equipment.

OFE's Reference List for Money Dictionary