Glossary

1. A
2. B
3. C
4. D
5. E
6. F
7. G
8. H
9. I
10. J
11. K
12. L
13. M
14. N
15. O
16. P
17. Q
18. R
19. S
20. T
21. U
22. V
23. W
24. X
25. Y
26. Z

L

LENDER

A company authorized to grant loans, such as a bank or financial company.

LEONTIEF

Wassily Leontief won the Nobel Prize in Economics in 1973 for the development of the input-output method and for its application to important economic problems.

LIEN

A security interest in a specific asset, usually real property. The owner, who has applied for the mortgage, may continue to reside in the mortgaged property, rent it or sell it. If the borrower cannot pay the debt, the lender may foreclose on the property and sell it to use the proceeds to retire the debt.

LOAN (PERSONAL LOAN)

A personal loan is usually granted for general cash needs. The lender pays a lump sum to the consumer, who then pays it back in instalments.
The lender can ask for personal guarantees such as a surety and/or an insurance policy as protection against the risk of non-repayment.