| Joint Credit |
Credit given to a couple considering their combined credit histories, incomes, assets, and liabilities; both become responsible for the debt. |
| Late Fee |
A fee attached to a delinquent account. |
| Lease |
A contract that gives possession of a property for a given period with transferring ownership. The document specifies the terms and conditions of occupancy between the lessor and lessee, including period of occupancy, rent amount, etc. |
| Leasehold |
An estate in realty held under a lease. |
| Lien |
A legal claim against a property that must be settled before the property is sold. |
| Life Annuity |
An annuity providing income, paid in installments, over a person's life. |
| Line of credit |
A type of revolving loan in which you may withdraw funds when you need them, up to an established maximum limit; you can borrow, repay, and borrow again. |
| Long-term Loan |
A loan to be repaid over a time period exceeding 10 years. |
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