ACH
Automatic clearing house, a method used to transfer funds to and from bank accounts.
APR or Annual Percentage Rate
The cost of credit expressed in a yearly rate.
Direct Deposit
An electronic funds transfer directly to a bank account.
Installment loan
A loan that has a predetermined number of payments and loan amount.
Loan Agreement
A legal contract which details the conditions and the terms of the loan.
Truth in Lending Act
A federal law requiring lenders to disclose the actual cost of the loan.