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Category Archives: Glossary

Definition of Tied-Selling

“We will approve your new loan only if you move all your investments, mortgage and credit card business to us first.” You have just had your arm twisted by someone applying a lender’s technique known as “tied selling”. This is illegal in most westernized countries, States and Provinces. There are some States where this law is […]

What is a Trade Line?

What Does Trade Line mean? Every credit card, loan, line of credit, or lease you have ever had is recorded on a Trade Line of your credit bureau report. Each trade line has a repayment summary which calculates the number of times your payments were late (30, 60 and 90 days), the amount of the […]

Definition of “Check Kiting” in Financial Terms

What is Check Kiting? “Check Kiting”  is also known as “Circular Kiting”, or “Riding the Float”. These illegal practices have been used by individuals and by small, medium, and large businesses. These schemes have been perpetrated since the dawn of banking and check writing. Check kiting is also known as “Kiting” for short. The premise […]

Quick Cash Advance – A Basic Definition

 This is a basic little description and definition of what a cash advance is, and why you would get one, or need one. Credit cards are everywhere and they can definitely be a source of quick cash in the form of a cash advance. Cash advances can be obtained at ATMs or by using checks […]

Loan Modification (Definition)

The definition of a loan modification is as follows; A loan modification is defined as “the modification of an existing loan agreement between a borrower and a lender, whereby the lender agrees to either; lower the payment amounts by spreading the loan over a longer term, lowering the APR (annual percentage rate – interest), combining […]