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GLOSSARY
Unsecured personal loan
An unsecured personal loan is a debt obligation that's made based on the integrity and credit history of the borrower; no collateral is taken by the lender. Generally, an unsecured personal loan is structured with a fixed-rate and fixed payment amount. The funds can be used for business start-up, debt consolidation, or even college tuition.
Up-front costs
Costs that must be paid at the time of signing a car lease agreement. These can include the first month's payment, a refundable security deposit, a capitalized cost reduction or down payment, taxes, registration and other fees.
Upgrades
Options that allow buyers of newly built houses to select higher-quality floor coverings, cabinets, windows and other amenities for more money.
Upside down
An unwanted financial position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property.
Upzoning
A controversial process of changing the zoning in an area, usually to allow greater density or commercial use. This term can also be used to mean the opposite: changing the zoning in a broad area to limit growth and density.
US Department of Urban Housing and Development
The federal department that formulates and enforces housing policy and governs the Federal Housing Administration.
Usage data
Usage data is information related to how a customer navigates through the pages of a website. This data can be used to improve the information flow on the website, and to help advertisers understand how their ad is being shown.
Use tax
Use tax is an assessment placed on goods purchased in another state where no sales tax is charged. If an individual purchases an item outside of his residence state and doesn't pay sales tax, that person's home state may charge a use tax if the item is going to be used in the home state. The use tax rate is generally equivalent to the home state's sales tax rate.
Useful life
Useful life refers to the length of time in years that a depreciable asset will be productive. The IRS defines useful lives for most business assets, including computers and vehicles. The useful life determines how the asset is depreciated, which in turn affects the business's taxable income.
Usurious rate
An interest rate based on unlawfully high interest. Also, the act or practice of lending money at high interest.
Usury
Illegal and excessive interest.
Wage assignment
Wage assignment is a clause in some loan agreements that gives the lender the right to deduct payments from the borrower's wages if the borrower defaults. When the borrower agrees to this clause, he's essentially using his future earnings as collateral for the loan.
Waiver
The intentional action of giving up one's right's and claims.
Walk away lease
A common car lease also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over and not be responsible for the difference of the actual value of the car.
Walk through
A common car lease also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over and not be responsible for the difference of the actual value of the car.