Find every term and definition starting with the letter "s" 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

Security interest

Security interest is the creditor’s right to take all or part of the property you offered as security for the loan.

Simple Interest

A method of allocating monthly payday loan payments between interest and principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your cash advance loan, and the number of days since your last payment.