Glossary
Welcome to our glossary section.
If you're looking for the definition of a particular finance term or phrase, you can look it up here in our loans glossary. If the term or phrase you're looking for isn't listed, please let us know and we'll make sure it gets included.
Early Settlement Charge
If a borrower decides to clear the balance of his of her loan earlier than expected, in most cases, the credit provider will charge a penalty fee for doing so. Such fees are applied as a means for the lender to recoup a proportion of the interest that would have been charged over the agreed term of the loan.
