MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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P

Power Of Attorney (Poa)

A legal document allowing a person to act for another.

Pre-Approved Credit

Credit card or a line of credit that is approved based upon available data without further information supplied by the potential Cardmember.

Predatory lending

Unscrupulous actions carried out by a lender to entice, induce, and/or assist a borrower in taking a loan that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in a lower credit rated loan to the benefit of the lender.

Preferred Stock

An equity share in the ownership of a company having a higher claim than common stock. There is no guarantee that the money paid for the stock will be returned or that there will be any dividends paid. However, dividends must be paid on preferred stock before they may be paid on common. Preferred stockholders are in line ahead of common stockholders but behind creditors if the company is unable to pay its obligations.

Premiums

Monthly fees to a health insurance firm that provides you with coverage.

Prepayment

When a portion or the entire amount of the principal of a loan is paid before it is due. This will usually reduce the total amount of interest that must be paid.

Present Value

Money, expressed in today's dollars.

Previous Balance

The total balance due at the end of the last billing cycle.

Prime Rate

The interest rate banks charge for loans to their biggest and highest-rated customers. The prime rate changes based on the demand for money and the rate the U.S. Federal Reserve Bank charges to its member banks. It is used as a major economic indicator.

Principal

The amount of money you owe, not including the interest due on it.

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