| Late-payment Fee |
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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. |
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| Lender |
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A person or organization that lends you money. |
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| Liability |
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Amounts you owe to creditors/lenders, such as a car loan or credit card debt. |
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| Loan |
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A loan is borrowing money from a lender in order to buy something. You must pay back the lender with interest. |
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| Long-term Financing |
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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. |
