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Glossary |
| Principal: |
The actual amount borrowed. |
| Liability: |
It is a financial obligation or debt that you owe to others. |
| Monthly payment: |
The sum of principal and interest that you have to pay on a monthly basis. |
| Credit history: |
It is the record of a person’s debt repayment. Lenders review the credit history of a person in order to determine the risk involved. |
| Rollover: |
It is the extension of credit till the next payday. |
| Defaults: |
You face default when you fail to meet the terms of your contract of credit. |
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