Glossary

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P

 

Personal Finance
Personal finance is the application of the principles of financial economics to an individual's (or a family's) financial decisions. Personal finance is a detailed analysis of financial flows at various points in time. For example, we may receive employment income today, but have to pay college tuition fees next year.

 

Poor Credit
A poor credit rating indicates a high risk of defaulting on a loan, and thus leads to high interest rates.

 

Poor Credit Lending
Institutional lending to poor credit consumers with high interest rates.

 

Pre-qualify
a lender informally determines the maximum amount an individual is eligible to borrow.