Glossary

Offer

Document issued by the lender confirming the loan has been approved and offering the applicant a loan. The document is issued in a standard format. It will include such information as the loan amount, interest rate, monthly payments etc.

Outstanding Balance

The outstanding balance is the amount remaining on a debt that has not yet been repaid in full.

Overdraft

A overdraft is a credit facility granted by your Lender, The overdraft may be for a fixed amount over a set period, for example ghs500 to be repaid within six months. Or you may be given a limit on an ongoing basis to use whenever you like. There is unusually a charge for the service and interest is payable on any amount taken.