Find every term and definition starting with the letter "l" in the ConsumerSavings.org payday loan glossary…

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Glossary of Payday Loan Related Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Liabilities

The money you owe. Lien: A legal claim on a piece of property until the debt or obligation is satisfied.

Lien-Free

A lien-free property is owned outright by an individual(s), listing that individual(s) on the title as the registered owner. There is no outstanding loan obligation on a lien-free property.

Liened Property

A liened property is a property that has an outstanding loan obligation. The Certificate of Title for the property lists the individual(s) as the registered owner with the lender listed as the lien holder.

Loan-to-Value Ratio

The relationship between the amount of the loan and the appraised value of the property, expressed as a percentage.