BALLOON PAYMENT >> A large payment due at the end of a loan contract. Equal to the remaining principal balance plus any interest and charges due.

BANKRUPTCY (BK) >> Court proceedings to relieve the debts of an individual or business unable to pay its creditors.

BENEFICIARY >> The entity or lender that funds the loan and to which the loan is owed.

BORROWER >> One who borrows money and is responsible for repaying it to the lender. Also known as obligor. If the loan is secured by a mortgage, the borrower is known as a mortgagor.

BORROWER SAVINGS >> The monthly savings a customer will experience by consolidating/paying off debt with a debt consolidation loan. Monthly savings equals current monthly payments less new monthly payments.

BROKER >> One who acts as an intermediary between parties to a transaction in exchange for a fee or commission.

BUSINESS FOR SELF (BFS) >> Customers who own their own business. Another word for self-employed.