Loan Jargon - a comprehensive reference of loan terminology from i Secured Loans

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Joint Account

An account used by two people both of whom are responsible any debt.

Joint and Several Liability

A legal liability that is applied to a group of individuals as a whole. If one member doesn't meet their liability then the deficit is a shared responsibility of the others. Most guarantees of two or more people to secure borrowing are of a joint and several type.

Joint Income

The total gross income of the loan applicants.

Joint Liability

The responsibility of two or more people to meet the terms of the debt agreement.

Joint Life Annuity

An annuity that continues until both parties die. This is good for married couples because they can ensure that the surviving partner has an income for life.

Joint Mortgage

A mortgage shared between two people. If one dies the other inherits their share.

Judgment Creditor

This is the person who as brought a legal action and that the court orders the judgment debtor to pay.

Judgement Debtor

The person, in a legal action, who is ordered to pay the judgment creditor the money owed.

Junior Debt

A debit that has no claim on a debtor's assets, or less of a claim than another debt.

Judgement Lien

A court judgement or fine against a current or previous property owner that has not been paid.

Junior Mortgage

A mortgage that has less of a claim on a debtor's assets that the holder of another mortgage.

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A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z, Full List