The Internal Revenue Service (IRS) is a U.S. government agency that is responsible for the collection of taxes and enforcement of tax laws. The IRS is part of the Department of the Treasury and...

The borrower (i.e. the company) promises to repay the lender (e.g. a bank) with interest over a set period of time. Unlike equity financing, where the lender receives ownership in the...

An unsecured loan is a loan that is not backed by collateral. This means that the lender does not have a claim to any specific assets of the borrower in the event of default...

Insolvency refers to the state of being unable to pay debts as they come due. It is a financial term that is often used to describe a company or individual that is facing financial...

It's no secret that healthcare costs in the U.S. have become staggeringly high over the last decade, making it difficult for the average person to afford and pay off medical debt...

A debt collector is an entity that tracks down and collects payments on overdue debts. A debt collector may be an attorney, a credit collection agency, or even the original...

The Truth in Lending Act (also known as the TILA) is designed to promote the informed use of consumer credit. It requires lenders to provide customers with clear...

A secured loan is a type of loan that is backed by collateral, which is an asset that the borrower pledges as security for the loan. This collateral serves as a guarantee for the...

An annual percentage rate (APR) is a measure of the cost of borrowing money, expressed as a yearly interest rate. It is typically used to compare different loan or credit products...