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| Word |
Description |
| Personal loan |
A loan that is secured by a borrower's signature only. In other words there is no collateral presented that can be used to back up the loan.
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| PIN |
Personal Identification Number. |
| PMI |
Private Mortgage Insurance. Insurance provided by a nongovernment insurer to protect a lender agains loss if a borrower defaults. Usually required if down payment is less than 20% of the purchase price. |
| Prepayment penalty |
The charge a lender may incur upon a borrower for paying off a loan before the end of the term. It may be found in mortgages and other loans. |
