| Term |
Definition |
| Electronic Fund
Transfer (EFT) Systems |
A variety of systems and
technologies for transferring funds electronically rather than by
check. |
| Electronic Payment |
A time saving payment
method where your loan payment is automatically deducted from your
checking or savings account. You may be able to get a lower interest
rate and you don't have to mail in your payment each month. You may
also be able to choose your payment date. |
| Equal Credit
Opportunity Act (ECOA) |
Is a federal law that
requires lenders and other creditors to make credit equally
available without discrimination based on race, color, religion,
national origin, age, sex, marital status or receipt of income from
public assistance programs. |
| Equity |
The difference between the
fair market value and current indebtedness, also referred to as the
owner's interest.
|
