Glossary Of Terms

Finance Rate
An indicative figure that enables borrowers to make comparisons between what lenders are offering. It's calculated by combining the interest rate with most other fees and costs, and expressed as a percentage rate per year.

Term
The length of time your loan will run, from the time you receive your loan money until the day you pay it off.

Disclosure
The information you are given by the lender about your loan. The law says you must be aware of the conditions of your loan before you sign the loan contract. This includes the finance rate and term of the loan.

Authorization
The process, where it is verified if the client has sufficient income available to cover the amount of transaction.

AVS - Address Verification System
The AVS system compares the statement billing address on file with the credit card issuer with a client's billing address provided with each order. The process helps in establishing the legitimacy of the cardholder and deters fraud.

Account Number
A unique number assigned to the client that serves as a unique identity.

Bank Account Holder
The person who holds a bank account with a NZ registered bank with an ATM facility. An account holder is eligible to make a payment by direct debit.

Debit Card
ATM Card, which deducts the amount of purchase directly from holders checking or savings account to pay the merchant.

Transaction
Refers to the transfer of money through the ATM network.

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